DTN Midday Grain Comments     06/25 10:53

   Corn, Soybean Futures Higher at Midday Thursday; Wheat Mixed

   Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 
10 to 12 cents higher; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 
10 to 12 cents higher; wheat futures are narrowly mixed. The U.S. stock market 
is firmer at midday with the S&P 20 points higher. The U.S. Dollar Index is 25 
points lower. The interest rate products are firmer. Energy trade is firmer 
with crude off 1.20 and natural gas up .04. Livestock trade is mixed with 
feeder cattle leading. Precious metals are firmer with gold up 45.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with another set of fresh 
lows coming in as selling continued before light buying during the day session 
as we try to follow soybean strength. Ethanol margins are staying solid as we 
head toward demand for the Fourth of July. The daily export wire was quiet with 
weekly sales a bit lighter on old crop at 743,100 metric tons (mt) with 735,900 
mt of new. Weather looks to keep concerns limited with the Northern Corn Belt 
staying wetter in the short term, with little immediate temperature concern but 
a warmer extended forecast holding for now. Basis action looks to remain flat 
in the short term. On the July chart, the 20-day moving average at $4.24 3/4 is 
resistance with the fresh low at $4.03 3/4 as support.

SOYBEANS:

   Soybean futures are 10 to 12 cents higher at midday with action reversing 
higher from the test of the lows overnight with broad product strength. Meal is 
1.50 to 2.50 higher and oil is 70 to 80 points higher. Basis should stay flat 
but sliding crush margins will limit further gains. Weather should allow for 
good development in the short term with trade likely to start watching the 
extended forecast more. The daily wire was quiet again, with weekly sales 
improved at 455,400 mt of old-crop soybeans and 902,200 mt of new-crop 
soybeans, 153,100 mt of old-crop meal and 29,900 mt of new-crop meal, with 900 
mt of oil. On the July contract chart, resistance is the 20-day moving average 
at $11.33 with the recent low at $11.04 1/2 as support.

WHEAT:

   Wheat futures are narrowly mixed at midday, with action back to recent 
support levels as row crop and harvest pressure continue to weigh on, along 
with the dollar fading just a little from 13-month highs. Harvest should 
continue to roll forth after recent storms with spring wheat areas likely to 
stay in good shape in the short term. Matif wheat is lightly weaker today as 
the Euro firms a little. Weekly export sales were solid at 504,500 mt. On the 
KC July chart, resistance is the 20-day moving average at $6.34 with the fresh 
low at $6.11 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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