DTN Midday Grain Comments     06/23 10:49

   Corn, Wheat Futures Lower at Midday Tuesday; Soybeans Higher

   Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 1 
to 3 cents higher; wheat futures are 7 to 13 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 1 
to 3 cents higher; wheat futures are 7 to 13 cents lower. The U.S. stock market 
is weaker at midday with the S&P 95 points lower. The U.S. Dollar Index is 34 
points higher. The interest rate products are firmer. Energy trade is weaker 
with crude off .50 and natural gas off .05. Livestock trade is mixed with hogs 
leading. Precious metals are weaker with gold off 55.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with early gains fading again 
with oversold conditions sticking with little fresh bullish news to entice 
buyers. Ethanol margins will remain solid even as unleaded pulls back with 
summer demand likely to stay strong for blenders. The daily export wire saw 
100,000 metric tons (mt) sold to Mexico. Weather looks to keep concerns limited 
with the northern Corn Belt staying wetter in the short term, and little 
immediate temperature concern but a warmer extended forecast. The weekly Crop 
Progress report was unchanged at 68% good to excellent, and 6% poor to very 
poor with 5% silking versus 3% on average and 97% emerged same as average. 
Basis action looks to remain flat in the short term. On the July chart, the 
20-day moving average at $4.27 is resistance with the recent low at $4.06 1/2 
as support.

SOYBEANS:

   Soybean futures are 1 to 3 cents higher at midday with spread action staying 
soft and meal leading the product complex during the day session after oil 
rebounded Monday. Meal is 2.50 to 3.50 higher and oil is 90 to100 points lower. 
Basis should stay flat but sliding crush margins could limit further upside. 
Weather should allow for good development in the short term. Weekly crop 
progress showed good to excellent unchanged at 66% with 6% poor to very poor, 
9% blooming versus 6% on average, and 93% emerged versus 90%. The daily wire 
was quiet again today. On the July contract chart, resistance is the 20-day 
moving average at $11.41 where we find the recent low at $11.04 1/2 as support.

WHEAT:

   Wheat futures are 7 to 13 cents lower with harvest pressure and the strong 
dollar slowing the rebound seen midmonth. We should quickly push past the 
halfway point for winter wheat cutting this week to start seeing harvest 
pressure easing. Harvest should continue to roll forth after recent storms with 
weekly progress showing 40% harvested versus 18% on average, and 26% good to 
excellent (-1), and 46% poor to very poor, with spring wheat 16% headed the 
same as average with good to excellent 54% (-1) and 6% poor to very poor. Matif 
wheat is slightly lower as we continue to watch Continental Europe heat. On the 
KC July chart, resistance is the 20-day moving average at $6.40, with the 
recent low at $6.15 1/2 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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