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DTN Midday Grain Comments     07/24 10:59

   Corn, Wheat Futures Higher at Midday; Soybeans Flat-Lower

   Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures 
are flat to 2 cents lower; wheat futures are 3 to 10 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures 
are flat to 2 cents lower; wheat futures are 3 to 10 cents higher. The U.S. 
stock market is weaker at midday with the S&P 85 points lower. The U.S. Dollar 
Index is 25 points lower. The interest rate products are mixed. Energy trade 
has crude .60 higher and natural gas .04 lower. Livestock trade is mixed. 
Precious metals are mixed with gold up 21.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with firmer action during the 
day session to press action past the nearby resistance levels again with a 
stronger finish needed to build momentum. The weekly ethanol report showed 
production off by 11,000 barrels per day (bpd) but still very strong, and 
stocks grew by 563,000 barrels. Warmer and drier weather should hang around 
into next week, but little impact is expected for now. Basis action should 
remain sideways into late month. The daily export wire was quiet after the 
early week sales. Weekly sales are expected to be in the 600,000 to 900,000 
metric ton (mt) range Thursday. On the September chart, the 20-day moving 
average at $4.02 is resistance, which we are back above at midday with the 
fresh low at $3.89 1/2 as support and the lower Bollinger Band at $3.80 as the 
next level down.

SOYBEANS:

   Soybean futures are flat to 2 cents lower at midday with two-sided action as 
the grains show better strength so far with the nearby resistance again holding 
so far Wednesday. Meal is 4.00 to 5.00 higher and oil is 55 to 65 points lower. 
Weather looks to be a bit more stressful for much of the belt as we head into 
podfilling season with near-term rains mostly confined to the east. Weekly 
export sales are expected to be in the 600,000 mt to 800,000 mt range. 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 $10.76 which we 
are tested again Wednesday morning with support at the fresh low at $10.32 1/4 
scored last week with oversold conditions easing.

WHEAT:

   Wheat futures are 3 to 10 cents higher at midday with Chicago action leading 
as trade firms back from the overnight selling to pull back up to nearby 
resistance. Warmer drier weather should push spring wheat along in the Dakotas 
and Canada with the spring wheat tour finding solid yield potential so far. The 
dollar remains at the bottom end of the range with light selling returning 
while Matif values rebound from early selling as well. 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 $5.75 1/2, 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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