DTN Midday Grain Comments     06/23 10:52

   Corn, Soybean, Wheat Futures Lower at Midday

   Corn futures are 8 to 11 cents lower at midday Monday; soybean futures are 
10 to 14 cents lower; wheat futures are 9 to 18 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 8 to 11 cents lower at midday Monday; soybean futures are 
10 to 14 cents lower; wheat futures are 9 to 18 cents lower. The U.S. stock 
market is firmer with the S&P 60 points higher. The U.S. Dollar Index is 6 
points lower. The interest rate products are firmer. Energy trade is weaker 
with crude .70 lower and natural gas .14 lower. Livestock trade is mostly lower 
with hogs leading. Precious metals are firmer with gold up 18.00.

CORN:

   Corn futures are 8 to 11 cents lower at midday with the July contract 
pressing into fresh lows heading toward delivery with broad selling across the 
ags to start the week as we sort out world events and growing conditions into 
midsummer. Ethanol margins should remain solidly rangebound with unleaded 
holding into the upper end of the recent range. Heat should ease into midweek 
with wetter weather for the central and northern belt. Weekly crop progress 
should keep development in line with the 5-year average and conditions steady. 
Weekly export inspections remained strong at 1.477 million metric tons (mmt), 
with year-to-date pace at 129%. Basis continues to hold the recent range. On 
the July chart, the 20-day moving average at $4.40 is resistance with the lower 
Bollinger Band at $4.21 as support, which we are below at midday.

SOYBEANS:

   Soybean futures are 10 to 14 cents lower at midday with broad product 
weakness after early oil gains evaporated. Meal is 1.50 to 2.50 lower and oil 
is 115 to 125 points lower. Rains should boost growth for most through midweek. 
Weekly crop progress is likely to show slightly improved conditions and 
development in line with the 5-year average. Basis should remain stable near 
term. Weekly sales inspections softened to 192,890 metric tons (mt) with 
year-to-date pace at 111%. On the July chart, support is the 20-day moving 
average at $10.56, which we are just above at midday, with the recent high at 
$10.82 as resistance.

WHEAT:

   Wheat futures are 9 to 18 cents lower with harvest pressure and spillover 
from row crops keeping the pressure on as we fade back toward nearby support as 
the dollar eases. The hard red wheat areas should start to see harvest move 
ahead as warmer temps aid maturity with drier weather this week while spring 
wheat areas should see better rains. Weekly crop progress is expected to show 
harvest solidly behind the 5-year average with conditions steady while spring 
wheat conditions are likely continue to rebound with heading just above 
average. MATIF wheat is sharply lower at midday. Weekly export inspections were 
soft at 254,782 mt, with early harvest shipping pace at 80% of last year. On 
the KC July chart, support is the 20-day moving average at $5.40 with the Upper 
Bollinger Band at $5.64, which we faded back to on the close.

   **

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   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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