DTN Midday Grain Comments 07/23 10:49

DTN Midday Grain Comments 07/23 10:49 Corn, Soybean, Wheat Futures All Higher at Midday Corn futures are 5 to 6 cents higher at midday Tuesday; soybean futures are 9 to 15 cents higher and wheat futures are 3 to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents higher at midday Tuesday; soybean futures are 9 to 15 cents higher and wheat futures are 3 to 4 cents higher. The U.S. stock market is firmer at midday with the S&P 20 higher. The U.S. Dollar index is 15 points higher. The interest rate products are firmer. Energy trade has crude 1.80 lower and natural gas .06 lower. Livestock trade is firmer. Precious metals are mixed with gold up 11.00. CORN: Corn futures are 5 to 6 cents higher at midday with early two-sided trade giving way to broad buying during the day session as we push past nearby resistance. Ethanol margins will continue to narrow a little if unleaded continues to soften while corn holds off the lows of the range. Warmer and drier weather should hang around into next week. Basis action should remain sideways into late month. The daily export wire saw 200,000 metric tons sold to unknown for new crop. Weekly crop progress showed good to excellent 1% lower to 67% good to excellent, and 10% poor to very poor, with 61% silking vs. 56% on average, and 17% in the dough vs. 11% on average. On the September chart the 20-day at $4.03 1/2 is resistance which we are just above at midday with the fresh low at $3.89 1/2 as support with the lower Bollinger Band at 3.80 as the next level down. SOYBEANS: Soybean futures are 9 to 15 cents higher at midday with mixed spread action as the August contract heads towards delivery with meal leading product values so far as it eases oversold conditions. Meal is 1.50 to 2.50 higher and oil is 30 to 40 points higher. Weather looks to support crop development short term with drier weather for much of the belt in the extended forecast along with heat as we head towards pod fill season. The daily wire was quiet today. Weekly crop progress showed conditions unchanged 68% good to excellent, and 8% poor to very poor with 29% setting pods vs. 24% on average, with 65% blooming versus 60% on average. Basis should remain mostly steady short term with support from spreads. The September Chart resistance is at the 20-day moving average at $10.78 which we are testing at midday with support at the fresh low at $10.32 1/4 scored last week with oversold conditions easing. WHEAT: Wheat futures are 3 to 4 cents higher with trade just short of nearby resistance with early weakness firming back during the day session. US winter wheat harvest should continue to wind down with 76% complete vs. 72% on average, with northern hemisphere harvest expanding overall with spring wheat rated at 77% good to excellent, and 5% poor to very poor showing no change with 89% headed vs. 90% on average in the US with some warmer drier weather in the forecast extending into Canada to push the crop along. The dollar remains at the bottom end of the range with light strength so far while Matif values pull back a little. On the KC September Chart resistance is the 20-day at $5.76 1/2 which we are just short of at midday, 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.