DTN Midday Grain Comments 07/19 10:52

DTN Midday Grain Comments 07/19 10:52 Corn, Wheat Futures Higher at Midday; Soybeans Flat-Higher Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are flat to 2 cents higher; wheat futures are 11 to 13 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are flat to 2 cents higher; wheat futures are 11 to 13 cents higher. The U.S. stock market is lower at midday with the S&P 30 lower. The U.S. Dollar Index is 15 points higher. The interest rate products are weaker. Energy trade has crude 1.00 lower and natural gas .03 lower. Livestock trade is mixed. Precious metals are weaker with gold off 50.00. CORN: Corn futures are 1 to 2 cents higher at midday with trade continuing to hold the low end of the range with softer spread action but unable to sustain broader short-covering so far with more bullish news needed. Ethanol margins should see little change with corn and unleaded both at the lower end of the recent range. Cooler weather looks to persist into the weekend with continued moisture for many. Basis action should remain sideways into late month. The daily export wire was quiet, but trade is looking for sales as U.S. origin corn gets more competitive on the world market. On the September chart, the 20-day moving average at $4.07 1/2 is resistance with the fresh low at $3.89 1/2 as support and the lower Bollinger Band at $3.76 as the next level down. SOYBEANS: Soybean futures are flat to 2 cents higher at midday with trade trying to extend the rebound from the fresh lows scored this week with oil leading the product complex but trade again fading from the early gains. Meal is mixed and oil is 15 to 25 points higher. Weather looks to support crop development in the short term. The daily export wire saw another 150,000 metric tons (mt) of meal sold to unknown for new crop delivery. Basis should remain mostly steady in the short term with support from spreads. The September chart resistance is the 20-day moving average at $10.84 with support at the fresh low at $10.32 1/4 scored yesterday with deeply oversold conditions just starting to ease. WHEAT: Wheat futures are 11 to 13 cents higher with Minneapolis action leading Friday morning as wheat tries to extend the rebound from fresh lows at midweek with broader support from world values so far with trade edging back off the highs of the session at midday. U.S. winter wheat harvest should continue to wind down, with Northern Hemisphere harvest expanding overall with spring wheat to remain in good shape in the U.S. with some warmer drier weather in the forecast extending into Canada. The dollar remains at the bottom end of the range with light strength so far while MATIF values are sharply higher so far Friday. On the KC September chart, resistance is the 20-day moving average at $5.78, which we have tested Friday morning, with the fresh low at $5.45 3/4 as support. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.