Printable Page Market News   Return to Menu - Page 2 3 4 5 6 7 8 9 10
 
 
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




(c) Copyright 2025 DTN, LLC. All rights reserved.

No other Daily email offers as much useful Ag information as DTN Snapshot – Sign up Free today!
 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN