DTN Midday Grain Comments     07/24 10:47

   Soybean Futures Higher at Midday Friday; Corn, Wheat Lower

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 5 
to 6 cents higher; wheat futures are 22 to 24 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 5 
to 6 cents higher; wheat futures are 22 to 24 cents lower. The U.S. stock 
market is firmer at midday with the S&P 40 points higher. The U.S. Dollar Index 
is 13 points lower. The interest rate products are firmer. Energy trade is 
weaker with crude 3.80 lower and natural gas flat. Livestock trade is firmer 
with cattle leading. Precious metals are firmer with gold up 30.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with trade fading off fresh 
highs scored early in the overnight session and overbought conditions easing as 
we head to the weekend, although we are back firmer from the early lows. 
Ethanol margins should continue to hold with the unleaded gains this week 
boosting blenders. Weather looks to warm again this weekend with rains looking 
lighter into August. On the September chart, the 20-day moving average at $4.39 
is support with the upper Bollinger Band at $4.68 as resistance.

SOYBEANS:

   Soybean futures are 5 to 6 cents higher at midday with meal gains offsetting 
oil losses as we shake off the early negative spillover. Meal is 2.00 to 3.00 
higher and oil is 90 to 100 points lower. Basis should stay flat with crush 
margins holding the range well. Weather looks to show short-term improvement 
before warming into key podfill season. On the September contract, chart 
support is the 20-day moving average at $11.80 with the Upper Bollinger Band at 
$12.46 as resistance.

WHEAT:

   Wheat futures are 22 to 24 cents lower at midday with action reversing off 
fresh highs to ease the wildly overbought conditions both here and on the Euro 
contract with a 50-cent range in KC action Friday. Winter wheat harvest will 
continue to wind down with spring wheat areas seeing some short-term 
temperature relief before stress likely returns next week. Matif wheat is 
sharply lower with corn easing too. On the KC September chart, support is the 
20-day moving average at $6.82 with the fresh high for the move at $7.77 as 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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