DTN Midday Grain Comments 07/24 10:59

DTN Midday Grain Comments 07/24 10:59 Corn, Wheat Futures Higher at Midday; Soybeans Flat-Lower Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures are flat to 2 cents lower; wheat futures are 3 to 10 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures are flat to 2 cents lower; wheat futures are 3 to 10 cents higher. The U.S. stock market is weaker at midday with the S&P 85 points lower. The U.S. Dollar Index is 25 points lower. The interest rate products are mixed. Energy trade has crude .60 higher and natural gas .04 lower. Livestock trade is mixed. Precious metals are mixed with gold up 21.00. CORN: Corn futures are 4 to 5 cents lower at midday with firmer action during the day session to press action past the nearby resistance levels again with a stronger finish needed to build momentum. The weekly ethanol report showed production off by 11,000 barrels per day (bpd) but still very strong, and stocks grew by 563,000 barrels. Warmer and drier weather should hang around into next week, but little impact is expected for now. Basis action should remain sideways into late month. The daily export wire was quiet after the early week sales. Weekly sales are expected to be in the 600,000 to 900,000 metric ton (mt) range Thursday. On the September chart, the 20-day moving average at $4.02 is resistance, which we are back above at midday with the fresh low at $3.89 1/2 as support and the lower Bollinger Band at $3.80 as the next level down. SOYBEANS: Soybean futures are flat to 2 cents lower at midday with two-sided action as the grains show better strength so far with the nearby resistance again holding so far Wednesday. Meal is 4.00 to 5.00 higher and oil is 55 to 65 points lower. Weather looks to be a bit more stressful for much of the belt as we head into podfilling season with near-term rains mostly confined to the east. Weekly export sales are expected to be in the 600,000 mt to 800,000 mt range. Basis should remain mostly steady in the short term with support from spreads. The September chart resistance is at the 20-day moving average at $10.76 which we are tested again Wednesday morning with support at the fresh low at $10.32 1/4 scored last week with oversold conditions easing. WHEAT: Wheat futures are 3 to 10 cents higher at midday with Chicago action leading as trade firms back from the overnight selling to pull back up to nearby resistance. Warmer drier weather should push spring wheat along in the Dakotas and Canada with the spring wheat tour finding solid yield potential so far. The dollar remains at the bottom end of the range with light selling returning while Matif values rebound from early selling as well. Weekly export sales are expected to be in the 300,000 to 500,000 mt range. On the KC September chart, resistance is the 20-day moving average at $5.75 1/2, 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.