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DTN Midday Grain Comments 07/07 10:57
Corn, Soybean, Wheat Futures All Lower at Midday
Corn futures are 10 to 11 cents lower at midday Monday; soybean futures are
28 to 30 cents lower; wheat futures are 7 to 9 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 10 to 11 cents lower at midday Monday; soybean futures are
28 to 30 cents lower; wheat futures are 7 to 9 cents lower. The U.S. stock
market is weaker with the S&P 40 points lower. The U.S. Dollar Index is 16
points higher. The interest rate products are weaker. Energy trade is firmer
with crude .95 higher and natural gas .04 higher. Livestock trade is firmer
with cattle leading. Precious metals are weaker with gold off 18.00.
CORN:
Corn futures are 10 to 11 cents lower at midday with ag commodities gapping
lower out of the long weekend as near-term weather remains unthreatening and
the next set of trade deadlines loom. Ethanol margins will see support from the
weaker corn to start the day while unleaded firms a bit to help blenders.
Short-term weather continues to show moisture for most with serious heat
limited as we head into pollination. Weekly crop progress is likely to show
steady to slightly better conditions with development in line with the 5-year
average. The daily wire saw 135,000 metric tons (mt) sold to Mexico. Weekly
export inspections remained strong at 1.491 million metric tons (mmt), with
year-to-date pace holding at 130%. Basis looks to remain rangebound short term.
On the September chart, the 20-day moving average at $4.19 is resistance, which
we failed to consolidate above Friday, with the fresh low at $4.01 1/4 as
support.
SOYBEANS:
Soybean futures are 28 to 30 cents lower at midday with broad product
weakness again with weather concerns remaining limited while we wait for the
trade developments. Meal is 4.00 to 5.00 lower and oil 100 to 110 points lower.
Weather should generally remain good for development in the short term. Weekly
crop progress is likely to show slightly better conditions with progress just
ahead of the 5-year average. Basis will likely remain flat in the short term.
Weekly export inspections were in line seasonally at 389,364 metric tons (mt),
keeping year-to-date pace at 111%. On the September chart, resistance is the
20-day moving average at $10.32, which we gapped back below overnight, and the
recent low at $10.05 3/4 as support.
WHEAT:
Wheat futures are 7 to 9 cents lower at midday with a gap lower as well with
harvest heading to the homestretch this week for winter wheats and spillover
weakness keeping selling in place. The hard red wheat areas should continue to
build momentum harvest wise as we should be nearly halfway done nationally on
the weekly report. Spring wheat is slowly catching up with better recent
weather and condition improvements expected along with development near the
5-year average. MATIF wheat is lightly lower with the weaker euro adding
support. Weekly export inspections showed some improvement at 436,628 mt,
moving year-to-date pace to 101%. On the KC September chart, resistance is the
20-day moving average at $5.47, with the lower Bollinger Band at $5.17 as
support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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