DTN Midday Grain Comments 07/25 10:48

DTN Midday Grain Comments 07/25 10:48 Corn, Soybean Futures Higher at Midday; Wheat Lower Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 8 to 17 cents higher; wheat futures are 3 to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 8 to 17 cents higher; wheat futures are 3 to 10 cents lower. The U.S. stock market is weaker at midday with the S&P 18 points higher. The U.S. Dollar Index is 10 points lower. The interest rate products are firmer. Energy trade has crude .15 lower and natural gas .06 lower. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold down 52.00. CORN: Corn futures are 3 to 4 cents higher with trade firming once again during the day session to consolidate further above nearby support with traders watching to see if we can hold strength to the close after fades the last two sessions. Ethanol margins are narrowing a bit with corn strength and unleaded fading again. Warmer and drier weather should hang around into next week with some rains to the east. Basis action should remain sideways into late month. Weekly export sales were decent at 331,400 metric tons (mt) old crop and 745,200 mt new crop. On the September chart, the 20-day moving average at $4.01 is support, which we have edged above through midweek with resistance at the Upper Bollinger Band at $4.16. SOYBEANS: Soybean futures are 8 to 17 cents higher at midday with meal leading the product complex as trade moves back to challenge nearby resistance levels. Meal is 8.50 to 9.50 higher and oil is 10 to 20 points lower. Weather looks to add stress for much of the belt as we head into podfill season with near-term rains mostly confined to the east. The daily export wire saw 264,000 mt of new crop sold to unknown. Weekly export sales showed improvement with 88,600 mt of old crop; 829,700 mt of new; meal at 258,100 mt old, 520,900 mt new; 6,900 of old crop oil, and -3,100 of new. Basis should remain mostly steady in the short term with support from spreads. The September chart resistance is at the 20-day moving average of $10.73, which we are testing at midday with support at the fresh low at $10.32 1/4 scored last week with oversold conditions eased. WHEAT: Wheat futures are 3 to 10 cents lower with Minneapolis action leading as we chop back to the lower end of the recent range with Euro trade limiting upside along with continuing Northern Hemisphere harvest pressure. 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 lower end of the range with light selling returning while Matif values fade back below nearby support. Weekly export sales were in line with the last couple weeks at 309,300 mt. On the KC September chart, resistance is the 20-day moving average at $5.74 3/4, 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.