DTN Midday Grain Comments 06/27 11:01

DTN Midday Grain Comments 06/27 11:01 Corn, Wheat Lower; Beans Higher Midday Monday Corn trade is 8 to 19 cents lower; beans are 8 to 17 cents higher and wheat is 2 to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 8 to 19 cents lower; beans are 8 to 17 cents higher and wheat is 2 to 10 cents lower. The U.S. stock market is mixed with the Dow up 30 points. The U.S. Dollar Index is 0.50 lower. Interest rate products are weaker. Energies are mixed with crude up $1.30. Livestock trade is mixed with feeder cattle leading. Precious metals are mixed with gold down $9.00. CORN: Corn trade is 8 to 19 cents lower at midday Monday with trade firming back from the early day session lows and stronger spread trade after rains in much of the central belt over the weekend. Traders will continue to watch the forecast with more focus on corn pollination temperatures as we push into July, with concerns muted currently. The export wire will need to show value buyers picking up bushels on the break with nothing on the daily report yet. Weekly export inspections remained rangebound at 1.246 million metric tons, with weekly crop progress expected to show steady to slightly lower condition ratings with maturity catching up to average. The ethanol margins are likely to remain rangebound with strong blender margins remaining in place with unleaded moderating in recent days. Basis remains solid through most of the Corn Belt, with most place moving their bids to the September contract. On the July contract chart, we have support at the 100-day at $7.36 with resistance at the $7.59 20-day. SOYBEANS: Soybean trade is 8 to 17 cents higher at midday with firmer spread trade and buying developing after the gap lower on the opening, with oil retaking the lead from meal to bolster crush margins during the day session. Meal is $7.50 to $8.50 higher, and oil is 0.90 cent to 1.00 cent higher. Biodiesel margins are very good at the moment, which should bolster crush recovery a bit. South America is moving towards post-harvest footing at this point with planting wrapped up for full season in the U.S. and is 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 wire remaining quiet. Weekly export inspections stayed within the recent range at 468,309 metric tons, with weekly crop progress expected to show conditions steady to slightly lower, with maturity near average. On the July soybean chart, support is at $15.78, the May 9 low, with resistance is now at the 100-day at $16.48, then the 20-day at $16.94. WHEAT: Wheat trade is 2 to 10 cents lower at midday with two-sided trade and fresh lows scored early in the day session as harvest continues to move forward in the U.S. and the rest of the Northern Hemisphere, along with mixed interest in the world export market. The Chicago contract continues to show the most strength as it has led the most recent sessions with Minneapolis struggling as spring wheat is expected to show further improvement on the crop progress report Monday afternoon. Winter wheat is expected to be showing harvest close to half complete along with steady conditions. Weather in the Plains should allow for harvest to continue moving with a few areas slowed by rains. 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 with other Black Sea supply diminishes with Middle East tenders shrinking. Weekly export inspections picked up a little at 352,404 metric tons. The KC July chart has support at the fresh low at $9.76 scored overnight with the lower Bollinger Band at $9.86 and the 20-day still well above the market at $11.17. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.