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DTN Midday Grain Comments 07/03 10:53
Corn, Soybean Futures Higher at Midday; Wheat Flat-Lower
Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are
6 to 7 cents higher; wheat futures are flat to 2 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are
6 to 7 cents higher; wheat futures are flat to 2 cents lower. The U.S. stock
market is firmer with the S&P 50 points higher. The U.S. Dollar Index is 30
points higher. The interest rate products are weaker. Energy trade is weaker
with crude .80 lower and natural gas .06 lower. Livestock trade is mixed with
cattle leading. Precious metals are mixed with gold off 20.00.
CORN:
Corn futures are 3 to 4 cents higher at midday with follow-through buying
after the strong close Wednesday as we push past nearby resistance heading
toward the 3-day weekend with trade working just below session highs. Ethanol
margins are seeing some pressure from corn prices firming and unleaded sinking.
Short-term weather continues to show moisture for most with serious heat
limited as we head into pollination. The daily export wire saw 150,000 metric
tons (mt) sold to unknown destinations for old-crop delivery. Weekly export
sales were softer on old-crop at 532,700 mt but strong on new-crop at 940,200
mt. Basis looks to remain rangebound into the holiday weekend. On the September
chart, the 20-day moving average at $4.19 is resistance, which we are above,
with the fresh low at $4.01 1/4 as support.
SOYBEANS:
Soybean futures are 6 to 7 cents higher at midday with short-covering in
meal leading the product complex after we pushed through nearby resistance
Wednesday. Meal is 1.50 to 2.50 higher and oil is 40 to 50 points lower.
Weather should generally remain good for development in the short term as
double-crop acres emerge. Basis should remain steady with crusher margins
holding the recent rebound. The daily export wire saw 226,000 mt of beans, and
195,000 mt of meal to unknown destinations for old-crop delivery. Weekly export
sales showed improvement at 462,400 mt old-crop; 239,000 mt new-crop; meal
306,200 for old-crop; 397,400 of new; and 11,800 of oil. On the September
chart, support is the 20-day moving average at $10.32, which we closed above,
with the late surge Wednesday, and the recent high at $10.67 as resistance.
WHEAT:
Wheat is flat to 2 cents lower at midday with harvest pressure and the
firmer dollar limiting further short covering into the weekend with little
other fresh news to drive action. The hard red wheat areas will continue to
fight some showers while spring wheat development should pick up with better
rains out there into next week. MATIF wheat is firmer with the Euro holding the
upper end of the range. Weekly export sales showed further improvement at
586,000 metric tons. On the KC September Chart resistance is the 20-day at
$5.49, 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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