DTN Midday Grain Comments 06/24 10:48

DTN Midday Grain Comments 06/24 10:48 Corn, Soybean Futures Higher at Midday; Wheat Mixed Corn futures are 8 to 17 cents higher at midday Friday; soybean futures are 10 to 20 cents higher; wheat futures are 3 cents lower to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 8 to 17 cents higher at midday Friday; soybean futures are 10 to 20 cents higher; wheat futures are 3 cents lower to 8 cents higher. The U.S. stock market is firmer with the DOW up 630 points. The U.S. Dollar Index is 25 points lower. Interest rate products are weaker. Energies are firmer with crude up 4.00. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up .20. CORN: Corn futures are 8 to 17 cents higher at midday with spreads weakening and new crop leads with short-covering after the washout this week as we start to head toward next week's stocks and acres report. Trade will continue to watch the forecast with the near-term moderation still intact with the first half of July the bigger deal. Weekly export sales showed improvement at 671,900 metric tons (mt) of old crop and 358,400 mt of new. Ethanol margins are likely to remain rangebound with strong blender margins remaining in place even as they have narrowed a bit in recent days. Basis remains solid through most of the Corn Belt, which may back off a bit if the spread relaxes Friday. On the July contract chart, we have support at the 100-day moving average at $7.36 with resistance at the $7.60 20-day moving average. SOYBEANS: Soybean futures are 10 to 20 cents higher at midday with trade trying to find footing after the dramatic washout seen the first three days of the week with products showing a bit of support this morning. Mea1 is $7.50 to $8.50 higher and oil is 130 to 160 points higher. Biodiesel margins are very good at the moment, which should bolster crush recovery a bit. South America is moving toward post-harvest footing at this point. Planting is wrapped up for full season in the U.S. and getting started on double crop with wheat harvest moving quickly. Basis is fading a bit at processors and exporters in recent days with the daily export wire remaining quiet. Weekly export sales were poor at 29,300 metric tons (mt) of old crop; 265,000 mt of new; -8,200 of old meal; and 42,300 of new; and 1,400 of oil. On the July soybean chart support is at $15.78, the May 9 low, then the 200-day is all the way down at $14.79. Resistance is now at the 100-day moving average at $16.48, then the 10-day moving average at $16.95. WHEAT: Wheat futures are 3 cents lower to 8 cents higher with early short-covering fading with after-harvest pressure lingering and better support from the outside markets. The Chicago contract has led all session with the higher protein wheat struggling. Plains weather should allow for rapid harvest with isolated showers while spring wheat should continue to make progress in catching up a bit, development-wise. The dollar continues to hold in the upper end of the range with the strong ruble helping competitiveness as well with Russia expected to have near record supplies. Weekly export sales showed further improvement at 477,800 mt. The KC July chart has support at $9.93, a late March low, then the 200-day moving average down at $9.29. Resistance is at the 100-day moving average at $10.81. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.