DTN Midday Grain Comments     07/18 10:54

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 6 to 7 cents higher at midday Friday; soybean futures are 7 
to 8 cents higher; wheat futures are 3 to 15 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents higher at midday Friday; soybean futures are 7 
to 8 cents higher; wheat futures are 3 to 15 cents higher. The U.S. stock 
market is mixed with the S&P 2 points higher. The U.S. Dollar Index is 48 
points lower. The interest rate products are firmer. Energy trade is flat with 
crude .05 higher and natural gas .02 higher. Livestock trade is mixed with hogs 
leading. Precious metals are firmer with gold 14.00 higher.

CORN:

   Corn futures are 6 to 7 cents higher at midday with trade working toward the 
gap left the week prior with broad ag buying Friday morning. Ethanol margins 
should remain stable as unleaded has kept pace with corn. Short-term weather 
continues to remain mostly favorable as pollination progresses with some heat 
in the forecast into the second week with good near-term moisture expected for 
most. Basis looks to remain rangebound in the short term. On the September 
chart, the 20-day moving average at $4.07 is resistance, which we are testing 
at midday, with the fresh low at $3.91 1/4 as support.

SOYBEANS:

   Soybean futures are 7 to 8 cents higher at midday with trade pressing back 
through nearby resistance as oil scores fresh highs and meal firms further from 
the lows. Meal is 2.00 to 3.00 higher and oil 10 to 20 points lower after early 
strength. Weather should generally remain good for short-term development with 
moisture for most before heat returns with more focus on how weather develops 
into podfilling. Basis will likely remain flat in the short term. On the 
September chart, resistance is the 20-day moving average at $10.17, which we 
have edged above overnight, and the fresh low at $9.85 1/4 as support.

WHEAT:

   Wheat futures are 3 to 15 cents higher with short-covering on the winter 
wheats at midday as the dollar pulls back from the recent bounce and we see 
spillover support from row crops. The hard red wheat areas should continue to 
work toward the homestretch while spring wheat should continue to catch up 
development-wise as we get closer to early harvest. MATIF wheat is testing the 
top end of the recent range. On the KC September chart, resistance is the 
20-day moving average at $5.34, with the lower Bollinger Band at $5.09 as 
support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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