|
|
|
|
|
|
|
DTN Midday Grain Comments 07/26 10:46
Corn, Soybean, Wheat Futures Lower at Midday
Corn futures are 6 to 7 cents lower at midday Friday; soybean futures are 20
to 23 cents lower; wheat futures are 5 to 8 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 6 to 7 cents lower at midday Friday; soybean futures are 20
to 23 cents lower; wheat futures are 5 to 8 cents lower. The U.S. stock market
is firmer at midday with the S&P 48 points higher. The U.S. Dollar Index is 3
points lower. The interest rate products are firmer. Energy trade has crude
1.85 lower and natural gas .02 lower. Livestock trade is mixed. Precious metals
are mixed with gold up 29.00.
CORN:
Corn futures are 6 to 7 cents lower at midday with trade fading back to
nearby support levels as we head toward the weekend with little fresh news to
drive the market and negative spillover from soybeans. Ethanol margins look to
remain rangebound in the short term. Warmer and drier weather should hang
around into next week with some rains to the east helping push maturity along
overall. Basis action is starting to fade a little as we get closer to fall. On
the September chart, the 20-day moving average at $4.00 is support, which we
are just below at midday, with resistance at the Upper Bollinger Band at $4.12.
SOYBEANS:
Soybean futures are 20 to 23 cents lower at midday with trade setting back
after the push to resistance levels again Thursday with meal values the bright
spot as recent longs take profit ahead of weekend forecast updates. Meal is
flat to 1.00 lower and oil is 125 to 135 points lower. Weather looks to add
stress for much of the belt as we head into podfill season with near-term rains
mostly confined to the east with the end of the forecast potentially cooling
again. Basis should remain mostly steady in the short term with support from
spreads. The September chart resistance is at the 20-day moving average at
$10.72, which we tested Thursday, with support at the fresh low at $10.32 1/4
scored last week.
WHEAT:
Wheat futures are 5 to 8 cents lower at midday with trade fading back to the
lower end of the range with row-crop weakness and little other fresh news.
Warmer, drier weather should push spring wheat along in the Dakotas and Canada
with the spring wheat tour finding yield potential at record levels. The dollar
remains at the lower end of the range with light selling returning while Matif
values firm back a bit off the week lows. On the KC September chart, resistance
is the 20-day moving average at $5.72, with the fresh low at $5.45 3/4 as
support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
(c) Copyright 2024 DTN, LLC. All rights reserved.
DTN offers additional daily information available free through DTN Snapshot – sign up today.
|
|
|
|