DTN Midday Grain Comments     07/23 10:56

   Soybean Futures Higher at Midday Thursday; Wheat Lower; Corn Mixed

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 2 to 
3 cents higher; wheat futures are 3 to 8 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 2 to 
3 cents higher; wheat futures are 3 to 8 cents lower. The U.S. stock market is 
sharply lower at midday with the S&P 116 points lower. The U.S. Dollar Index is 
40 points higher. The interest rate products are weaker. Energy trade is 
sharply higher with crude 5.70 higher and natural gas .02 higher. Livestock 
trade is mixed with cattle leading. Precious metals are weaker with gold off 
98.00.

CORN:

   Corn futures are narrowly mixed at midday with trade pressing again into 
fresh highs for the move before fading a bit with deeply overbought conditions. 
Unleaded gains will keep ethanol margins solid even as corn rallies. Weekly 
export sales were reported at 332,700 metric tons (mt) old crop and 701,500 mt 
new as the priority shifts to new-crop. Weather should see a cooler and wetter 
stretch for much of the Corn Belt to the weekend for most with warmer drier 
weather expected to return after that. On the September chart, the 20-day 
moving average at $4.35 is support with the upper Bollinger Band at $4.61 as 
resistance, which we are testing at midday.

SOYBEANS:

   Soybean futures are 2 to 3 cents higher at midday with trade pressing into 
another set of fresh highs for the move. Oil is leading the products as meal 
eases back from the recent highs with broadly overbought conditions as well. 
Meal is flat to 1.00 lower and oil is 30 to 40 points higher. Basis should stay 
flat with crush margins holding the recent range. Weather looks to show 
short-term improvement before warming into key podfill season. The daily export 
wire saw 126,000 mt sold to unknown destinations for new crop. Weekly export 
sales were 56,400 mt old crop; 1.537 million metric tons (mmt) of new crop; 
185,000 mt of old meal; 406,100 of new meal; and 600 of oil. On the September 
contract, chart support is the 20-day moving average at $11.79 with the Upper 
Bollinger Band at $12.41 as resistance.

WHEAT:

   Wheat futures are 3 to 8 cents lower at midday with overbought conditions 
slowing gains at the upper end of the range with row-crop support remaining 
solid and spillover from Europe cooling a bit. Winter wheat harvest will 
continue to wind down with spring wheat areas seeing some short-term 
temperature relief. Matif wheat is solidly weaker Thursday. Weekly export sales 
remain lackluster at 290,000 mt. On the KC September chart, support is the 
20-day moving average at $6.69 with the fresh high for the move at $7.68 as 
resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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