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DTN Midday Grain Comments 07/16 10:49
Corn, Soybean Futures Higher at Midday; Wheat Flat-Higher
Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures
are 16 to 17 cents higher; wheat futures are is flat to 4 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures
are 16 to 17 cents higher; wheat futures are is flat to 4 cents higher. The
U.S. stock market is weaker with the S&P 21 points lower. The U.S. Dollar Index
is 60 points lower. The interest rate products are mixed. Energy trade is mixed
with crude .50 lower and natural gas .05 higher. Livestock trade is broadly
firmer. Precious metals are firmer with gold 41.30 higher.
CORN:
Corn futures are 4 to 5 cents higher at midday with light buying returning
as we continue to ease oversold conditions and press back toward the nearby
resistance levels with spillover support from soybeans. Weekly ethanol
production rose 2,000 barrels per day (bpd) with stocks down 300,000 barrels on
the week. Short-term weather continues to remain mostly favorable as
pollination progresses with some heat in the forecast into the second week with
overnight rains working across much of the belt. Weekly export sales are
expected to be in the 800,000 metric tons (mt) to 1.0 million metric ton (mmt)
range Thursday. Basis looks to remain rangebound in the short term. On the
September chart, the 20-day moving average at $4.09 is resistance with the
fresh low at $3.91 1/4 as support.
SOYBEANS:
Soybean futures are 16 to 17 cents higher at midday with short-covering in
meal leading action so far with trade near the session highs at midday. Meal is
3.00 to 4.00 higher and oil is 15 to 25 points higher. Weather should generally
remain good for development in the short term with moisture for most before
heat returns. Basis will likely remain flat in the short term. The daily export
wire saw 120,000 mt sold to unknown for new-crop. Weekly export sales are
expected to be in the 300,000 to 500,000 mt range Thursday. On the September
chart, resistance is the 20-day moving average at $10.19, and the fresh low at
$9.85 1/4 as support.
WHEAT:
Wheat futures are flat to 4 cents higher at midday as the dollar rally
limits short-covering along with harvest pressure lingering as we stay at the
lower end of the range. The hard red wheat areas should continue to work toward
the homestretch while spring wheat should continue to catch up, development
wise. MATIF wheat is slightly lower after bouncing Tuesday. Weekly export sales
are expected to be in the 300,000 to 500,000 mt range. On the KC September
chart, resistance is the 20-day moving average at $5.39, 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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