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DTN Midday Grain Comments 07/15 10:53
Corn, Soybean, Wheat Futures Higher at Midday
Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are
1 to 2 cents higher; wheat futures are 2 to 5 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are
1 to 2 cents higher; wheat futures are 2 to 5 cents higher. The U.S. stock
market is mixed with the S&P 1 point lower. The U.S. Dollar Index is 50 points
higher. The interest rate products are weaker. Energy trade is mixed with crude
.30 lower and natural gas .02 higher. Livestock trade is mixed with cattle
leading. Precious metals are weaker with gold 13.30 lower.
CORN:
Corn futures are 4 to 5 cents higher at midday with light buying picking up
again after overnight weakness as we push toward nearby resistance as we look
for a second positive close in a row. Ethanol margins are narrowing slightly
with the corn strength. Short-term weather continues to remain mostly favorable
as pollination progresses with some heat in the forecast. Weekly crop progress
showed unchanged conditions at 74% good to excellent; 5% poor to very poor; 34%
silking versus 33% on average; 7% in the dough versus 5% on average. Basis
looks to remain rangebound in the short term. On the September chart, the
20-day moving average at $4.10 is resistance with the fresh low at $3.91 1/4 as
support.
SOYBEANS:
Soybean futures are 1 to 2 cents higher with trade chopping along with meal
still under pressure as oil holds the upper end of the range and little other
fresh news. Meal is 1.50 to 2.50 lower and oil is 60 to 70 points higher.
Weather should generally remain good for development in the short term. Weekly
crop progress showed good to excellent 4% better at 70%; 5% poor to very poor;
47% blooming same as average; and 15% setting pods versus 14% on average. Basis
will likely remain flat in the short term. On the September chart, resistance
is the 20-day moving average at $10.22, and the fresh low at $9.85 1/4 as
support.
WHEAT:
Wheat futures are 2 to 5 cents higher at midday with trade continuing to
chop along the lower end of the range with some light buying starting to show
up as row crops pick up momentum. The hard red wheat areas should continue to
build harvest momentum. Weekly crop progress showed harvest 63% complete versus
64% on average. Spring wheat was 78% headed versus 75% on average; 54% good to
excellent, up 4% on the week; 13% poor to very poor. MATIF wheat is sharply
higher. On the KC September chart, resistance is the 20-day moving average at
$5.40, 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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