DTN Midday Grain Comments 07/22 10:52

DTN Midday Grain Comments 07/22 10:52 Corn, Soybean, Wheat Futures All Higher at Midday Corn futures are 7 to 8 cents higher at midday Monday; soybean futures are 19 to 29 cents higher; wheat futures are 3 to 14 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 7 to 8 cents higher at midday Monday; soybean futures are 19 to 29 cents higher; wheat futures are 3 to 14 cents higher. The U.S. stock market is firmer at midday with the S&P 30 higher. The U.S. Dollar Index is 3 points lower. The interest rate products are weaker. Energy trade has crude .70 lower and natural gas .10 higher. Livestock trade is mostly higher. Precious metals are weaker with gold off 12.00. CORN: Corn futures are 7 to 8 cents higher at midday with broad ag strength and trade moving back into the middle part of the range, following soybeans. Ethanol margins will likely narrow a little to start the week with corn strength and unleaded weakness. Warmer and drier weather should hang around this week, but it's not expected to provide much market excitement by itself. Basis action should remain sideways into late month. The daily export wire saw 130,000 metric tons (mt) sold to Mexico. Weekly export inspections eased a little at 970,539 mt. Weekly crop progress is expected to show steady conditions and development just ahead of normal. On the September chart, the 20-day moving average at $4.05 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 19 to 29 cents higher to start the week with meal leading product action with broad overall strength and spreads softening a bit. Meal is 8.00 to 9.00 higher and oil is 60 to 70 points higher. Weather looks to support crop development in the short term. Weekly export inspections were inline seasonally at 327,061 mt. Weekly crop progress is expected to show steady conditions and development just ahead of normal. Basis should remain mostly steady in the short term with support from spreads. September chart resistance is at the 20-day moving average at $10.80 with support at the fresh low of $10.32 1/4 scored last week with oversold conditions easing. WHEAT: Wheat futures are 3 to 14 cents higher with spring wheat leading at midday as trade pushes back closer to nearby resistance after the strong finish to last week and weather concerns increasing for northern growers. U.S. winter wheat harvest should continue to wind down with more than 80% likely complete on the report, 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 with steady conditions and average development expected. The dollar remains at the bottom end of the range with light weakness to start the week while Matif values hold the late-week rebound. On the KC September chart, resistance is the 20-day moving average of $5.77, which we tested overnight before fading back, and the fresh low at $5.45 3/4 is 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.