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




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