DTN Midday Grain Comments     06/20 10:57

   Corn, Soybean Futures Lower at Midday; Wheat Flat-Lower

   Corn futures are 1 to 4 cents lower at midday Friday; soybean futures are 2 
to 3 cents lower; wheat futures are flat to 2 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 4 cents lower at midday Friday; soybean futures are 2 
to 3 cents lower; wheat futures are flat to 2 cents lower. The U.S. stock 
market is mixed with the S&P 5 points higher. The U.S. Dollar Index is 15 
points lower. The interest rate products are mixed. Energy trade is mostly flat 
with crude .26 lower and natural gas .06 lower. Livestock trade is mostly 
higher with cattle leading. Precious metals are weaker with gold off 24.00.

CORN:

   Corn futures are 1 to 4 cents lower with soft spread action continuing and 
early gains fading as we hold the recent range. Ethanol margins remain flat to 
better with unleaded strength holding. Broader heat is expected into the 
weekend before further moisture is expected, especially for the northern 
growing areas. Weekly export sales bounced back at bit at 903,800 metric tons 
(mt) old-crop and 155,000 mt new. Basis continues to hold the recent range. On 
the July chart, the 20-day moving average at $4.42 3/4 is resistance with the 
lower Bollinger Band at $4.26 as support.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower with early gains fading into light, 
two-sided action as we consolidate the upper end of the range further. Meal and 
oil are narrowly mixed. Warmer weather short term should boost emergence and 
move double-crop planting along with overall concerns limited into the end of 
the month. Basis should remain stable near term as we consolidate the futures 
action. Weekly export sales remained soft at 539,500 mt old-crop; 75,200 mt 
new; meal at 160,300 mt old; 14,000 mt new; -1,500 of oil. On the July chart, 
support is the 20-day moving average at $10.56 with the recent high at $10.82 
as resistance.

WHEAT:

   Wheat futures are flat to 2 cents lower at midday with two-sided action as 
well with trade holding the sharp gains from Wednesday with support from the 
dollar and world events along with slow winter wheat harvest. The hard red 
wheat areas should start to see harvest move ahead as warmer temps aid maturity 
and readiness but some rains to threaten quality as the overall pace will 
continue to lag. MATIF wheat is up a little after light Thursday gains. Weekly 
export sales were a little improved at 427,200 mt. On the KC July chart, 
support is the 20-day moving average at $5.38 with the Upper Bollinger Band at 
$5.64, which we are holding above at midday.

    

   **

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   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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