DTN Midday Grain Comments     06/16 10:51

   Corn, Wheat Futures Mixed at Midday Tuesday; Soybeans Higher

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 6 to 
8 cents higher; wheat futures are 3 cents lower to 8 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 6 to 
8 cents higher; wheat futures are 3 cents lower to 8 cents higher. The U.S. 
stock market is mixed at midday with the S&P 13 points lower. The U.S. Dollar 
Index is 2 points lower. The interest rate products are firmer. Energy trade is 
mixed with crude off 3.60 and natural gas up .08. Livestock trade is firmer 
with cattle sharply higher. Precious metals are weaker with gold off 4.00.

CORN:

   Corn futures are narrowly mixed at midday with trade chopping around in 
two-sided trade with little fresh news to entice corn buyers with oversold 
conditions holding. Ethanol margins should remain strong with summer usage 
supporting blenders even as unleaded continues to ease. The daily export wire 
was quiet again. Basis continues to hold the recent range for now. Weather 
looks to keep concerns limited with rains staying in the center of the Corn 
Belt with cooler temps through midmonth. Weekly crop progress showed good to 
excellent at 68% (+1%) and 6% poor to very poor with 94% emerged versus 93% on 
average. On the July chart, the 20-day moving average at $4.37 is resistance 
with the fresh low at $4.06 1/2 as support, which we scored Monday.

SOYBEANS:

   Soybean futures are 6 to 8 cents higher with sharp gains from overnight 
weakness to start the day session with rumors about new-crop demand export wise 
while products continue to struggle. Meal is 1.00 to 2.00 higher and oil is 150 
to 160 points lower. Basis is holding the recent gains, but crush margins are 
fading a bit with the meal and oil struggles. Weather should allow for good 
development with the weekly report showing conditions unchanged at 66% good to 
excellent, and 6% poor to very poor with 88% emerged versus 82% on average, and 
95% planted versus 93% on average. The daily wire was quiet still, but 
announcements will be expected soon. On the July contract chart, resistance is 
the 20-day moving average at $11.55 with the fresh low scored Monday at $11.04 
1/2 as support.

WHEAT:

   Wheat futures are 3 cents lower to 8 cents higher with Chicago action 
leading with row-crop spillover still mixed and harvest pressure to linger. 
Harvest should continue to expand with weekly crop progress for winter wheat at 
25% complete versus 11% on average, with 27% good to excellent, and 45% poor to 
very poor with spring wheat 6% headed versus 5% on average, and 55% good to 
excellent (+3%) and 6% poor to very poor. Matif wheat is solidly higher as 
well. On the KC July chart, resistance is the 20-day moving average at $6.53 
with the recent low at $6.15 1/2 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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