DTN Midday Grain Comments     07/27 10:56

   Corn, Wheat Futures Lower at Midday Monday; Soybeans Higher

   Corn futures are 13 to 14 cents lower at midday Monday; soybean futures are 
36 to 38 cents higher; wheat futures are 6 to 13 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 13 to 14 cents lower at midday Monday; soybean futures are 
36 to 38 cents higher; wheat futures are 6 to 13 cents lower. The U.S. stock 
market is mixed at midday with the S&P 25 points lower. The U.S. Dollar Index 
is flat. The interest rate products are firmer. Energy trade is sharply weaker 
with crude 6.15 lower and natural gas .10 cents lower. Livestock trade is 
weaker with cattle the downside leader. Precious metals are firmer with gold up 
7.50.

CORN:

   Corn futures are 13 to 14 cents lower at midday with trade gapping lower to 
start as energies are sharply lower and the short-term forecast showed a 
reduction of stress into midweek. Ethanol margins should remain solid even if 
the pullback to start the week holds. Weekly export inspections were solid at 
1.488 million metric tons (mmt) with year-to-date pace still at 125%. Weather 
looks to moderate into midweek with some moisture headed for the central part 
of the Corn Belt. Weekly crop progress is expected to show steady to slightly 
lower conditions and maturity above average. On the September chart, the 20-day 
moving average at $4.41 is support with the upper Bollinger Band at $4.68 as 
resistance.

SOYBEANS:

   Soybean futures are 36 to 38 cents lower at midday with trade gapping lower 
as action struggles to firm off the early lows with broad product weakness. 
Meal is 11.00 to 12.00 lower and oil is 225 to 235 points lower. Basis should 
stay flat with crush margins holding the range well. Weather looks to show 
short-term improvement, but warmer conditions are expected into early August. 
Weekly crop progress is likely to show steady to slightly lower conditions with 
maturity remaining above average. The daily export wire saw 126,000 metric tons 
(mt) sold to unknown and 132,000 mt to China. Weekly export inspections at 
348,850 mt with year-to-date pace at 83%. On the September contract, chart 
support is the 20-day moving average at $11.85 with the Upper Bollinger Band at 
$12.48 as resistance.

WHEAT:

   Wheat futures are 6 to 13 cents lower at midday with trade seeing bits of 
two-sided action despite the row-crop pressure with action fading back again 
toward midday but remaining in the upper end of the range. Winter wheat harvest 
will continue to wind down with spring wheat areas seeing some short-term 
temperature relief into midweek. Recent heat stress will likely push conditions 
lower on the crop progress report. Matif wheat has been up and down Monay. 
Weekly export inspections were rangebound at 394,785 mt with year-to-date pace 
at 77%. On the KC September chart, support is the 20-day moving average at 
$6.88 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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