DTN Midday Grain Comments     07/29 10:52

   Corn, Soybean Futures Lower at Midday Wednesday; Wheat Higher

   Corn futures are 5 to 6 cents lower at midday Wednesday; soybean futures are 
25 to 28 cents lower; wheat futures are 2 to 5 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Wednesday; soybean futures are 
25 to 28 cents lower; wheat futures are 2 to 5 cents higher. The U.S. stock 
market is weaker at midday with the S&P 60 points lower. The U.S. Dollar Index 
is flat. The interest rate products are weaker. Energy trade is sharply higher 
with crude 5.80 higher and natural gas .03 cents higher. Livestock trade is 
mostly higher with cattle leading. Precious metals are weaker with gold off 
31.50.

CORN:

   Corn futures are 5 to 6 cents lower at midday with trade fading from early 
strength as spillover pressure from soybeans and near-term rains push us back 
toward nearby support. The weekly ethanol report showed production up by 34,000 
barrels per day with stocks up 200,000 barrels. Weekly export sales are 
expected to be in the 600,000 to 800,000 metric ton (mt) range Thursday between 
both crop years. Weather moderates into midweek with some moisture headed for 
the central part of the Corn Belt with some overnight again as it heads east. 
Basis will likely see further pressure as we head toward fall. On the September 
chart, the 20-day moving average at $4.45 is support with the upper Bollinger 
Band at $4.66 as resistance.

SOYBEANS:

   Soybean futures are 25 to 28 cents lower at midday with trade fading through 
nearby support overnight with broad product weakness and China trade concerns 
along with near-term weather improvements. Meal is 4.00 to 5.00 lower and oil 
is 130 to 140 points lower. Basis will likely ease with products fading. 
Weather looks to show short-term improvement but warmer conditions are expected 
into early August for many after the midweek storms. Weekly export sales are 
expected to be in the 1.0 million metric ton (mmt) to 1.25 mmt range for both 
crop years. On the September contract, chart support is the 20-day moving 
average at $11.90, which we are below at midday, with the Upper Bollinger Band 
at $12.48 as resistance.

WHEAT:

   Wheat futures are 2 to 5 cents higher with KC action leading at midday as 
active two-sided trade continues as we consolidate the pullback from the start 
of the week. Spring wheat areas should see some moisture this week as early 
harvest gets rolling, while winter wheat harvest continues to wrap up. Matif 
wheat and corn are flat to firmer Wednesday. Weekly export sales are expected 
to be in the 300,000 to 500,000 metric ton (mt) range. On the KC September 
chart, support is the 20-day moving average at $6.99 with the fresh high for 
the move at $7.77 as resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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