DTN Midday Grain Comments 07/29 11:02

DTN Midday Grain Comments 07/29 11:02 Wheat Futures Higher at Midday; Corn, Soybeans Lower Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 18 to 27 cents lower; wheat futures are 4 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 18 to 27 cents lower; wheat futures are 4 to 9 cents higher. The U.S. stock market is weaker at midday with the S&P 8 points lower. The U.S. Dollar Index is 25 points higher. The interest rate products are firmer. Energy trade has crude 1.05 lower and natural gas .06 lower. Livestock trade is lower. Precious metals are weaker with gold off 7.00. CORN: Corn futures are 1 to 2 cents lower at midday with trade holding the low end of the range so far with positive spillover from wheat helping a little. Ethanol margins look to remain rangebound in the short term ahead of fall plant maintenance. Warmer weather with rains to the east should continue this week with next week cooler. Weekly crop progress is likely to show steady conditions and progress just ahead of the 5-year average. Basis action is starting to fade a little as we get closer to fall. Weekly export inspections were solid at 1.059 million metric ton (mmt). On the September chart, the 20-day moving average at $3.99 is once again resistance with the lower Bollinger Band at $3.86 as support. SOYBEANS: Soybean futures are 18 to 27 cents lower at midday with trade gapping lower again after the Friday washout with broad product weakness and fresh lows scored Monday morning. Meal is 3.00 to 4.00 lower and oil is 65 to 75 points lower. Weather looks to add stress in the short term for the west before cooling next week moving into podfill. Weekly crop progress is expected to show steady conditions with progress still ahead of the 5-year average. Weekly export inspections remain soft at 403,268 metric tons (mt). Basis should remain mostly steady in the short term with support from spreads. September chart resistance is at the 20-day moving average at $10.67, which we fell from last week, with support the lower Bollinger Band at $10.06, with the fresh lows just above at $10.08. WHEAT: Wheat futures are 4 to 9 cents higher with trade able to overcome row-crop weakness to firm into midday coming off the low end of the range. Warmer, drier weather should push spring wheat along in the Dakotas and Canada. Weekly crop progress will show winter wheat harvest near complete with steady conditions and progress ahead of normal for the spring wheat. Weekly export inspections improved slightly to 431,233 mt. The dollar is back to the middle of the recent range with MATIF back at the recent lows as well. On the KC September chart, resistance is the 20-day moving average at $5.70, with the lower Bollinger band at $5.38 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.