DTN Midday Grain Comments 07/26 10:46

DTN Midday Grain Comments 07/26 10:46 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 6 to 7 cents lower at midday Friday; soybean futures are 20 to 23 cents lower; wheat futures are 5 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 6 to 7 cents lower at midday Friday; soybean futures are 20 to 23 cents lower; wheat futures are 5 to 8 cents lower. The U.S. stock market is firmer at midday with the S&P 48 points higher. The U.S. Dollar Index is 3 points lower. The interest rate products are firmer. Energy trade has crude 1.85 lower and natural gas .02 lower. Livestock trade is mixed. Precious metals are mixed with gold up 29.00. CORN: Corn futures are 6 to 7 cents lower at midday with trade fading back to nearby support levels as we head toward the weekend with little fresh news to drive the market and negative spillover from soybeans. Ethanol margins look to remain rangebound in the short term. Warmer and drier weather should hang around into next week with some rains to the east helping push maturity along overall. Basis action is starting to fade a little as we get closer to fall. On the September chart, the 20-day moving average at $4.00 is support, which we are just below at midday, with resistance at the Upper Bollinger Band at $4.12. SOYBEANS: Soybean futures are 20 to 23 cents lower at midday with trade setting back after the push to resistance levels again Thursday with meal values the bright spot as recent longs take profit ahead of weekend forecast updates. Meal is flat to 1.00 lower and oil is 125 to 135 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 with the end of the forecast potentially cooling again. 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 $10.72, which we tested Thursday, with support at the fresh low at $10.32 1/4 scored last week. WHEAT: Wheat futures are 5 to 8 cents lower at midday with trade fading back to the lower end of the range with row-crop weakness and little other fresh news. Warmer, drier weather should push spring wheat along in the Dakotas and Canada with the spring wheat tour finding yield potential at record levels. The dollar remains at the lower end of the range with light selling returning while Matif values firm back a bit off the week lows. On the KC September chart, resistance is the 20-day moving average at $5.72, 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.