DTN Midday Grain Comments 06/29 11:09

DTN Midday Grain Comments 06/29 11:09 Grain Futures in the Green Midday Tuesday Corn trade is 3 cents lower to 8 cents higher; beans are 10 to 17 cents higher and wheat is flat to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 3 cents lower to 8 cents higher; beans are 10 to 17 cents higher and wheat is flat to 8 cents lower. The U.S. stock market is mixed with the Dow up 30 points. The U.S. Dollar Index is 0.40 higher. Interest rate products are higher. Energies are mixed with crude up $0.80. Livestock trade is mixed. Precious metals are mixed with gold down $3.00. CORN: Corn trade is 3 cents lower to 8 cents higher with July leading as it heads into delivery at Wednesday's close, with further position squaring likely ahead of Thursday's Stocks and Acres reports. Trade will continue to watch the forecast with more focus on corn pollination temperatures as we push into July with the back of the forecast looking warmer for some, with uncertain moisture placement but immediate concerns limited. On the report, trade is looking for 4.343 billion bushels in stocks versus 4.111 billion last year, and a range of 4.035 bb to 4.474 bb with acres at 89.86 million on a range of 88.4 ma to 91.0 ma, and the March number at 89.48 million. The export wire will need to show value buyers picking up bushels on the break with nothing on the daily report yet. The ethanol margins are likely to remain rangebound with strong blender margins remaining in place with unleaded moderating in recent days and the weekly report showing production at 1.055 million barrels Wednesday, mostly steady and stocks up 279,000, keeping us in the middle of the recent range. Basis remains solid through most of the Corn Belt, with most place moving their bids to the September contract. On the September chart, support is the fresh low at $6.54 with lower Bollinger Band just above that at $6.58, with the 20-day well above the market at $7.08. SOYBEANS: Soybean trade is 10 to 17 cents higher at midday with early weakness turning back to strength as meal led the product complex back with little other fresh pre-report news. Meal is $5.00 to $6.00 higher with oil 0.45 cent to 0.55 cent higher. On the report, trade is looking for stocks at 965 million bushels, on a range of 740 million to 1.1 billion, with acres at 90.44 million on a range of 88.7 to 92.35 million and March at 90.955. Biodiesel margins are very good at the moment, which should bolster crush recovery into fall with fresh capacity expected to come online then. South America is moving towards post-harvest footing at this point with planting wrapped up for full season in the U.S. and getting started on double crop, with wheat harvest moving quickly with moisture needed to boost development. Basis is fading a bit at processors and exporters in recent days with the daily wire remaining quiet. On the August soybean chart support is the lower Bollinger Band at $15.09 with the 20-day well above the market at $16.08. WHEAT: Wheat trade is flat to 8 cents lower with trade struggling to hold overnight gains again as harvest pressure fades for winter wheat, and spring wheat sees a less threatening short-term forecast. Weather in the Plains should allow for harvest to continue moving with 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 as buyers seek ways to stretch supplies with Egypt working to buy Wednesday. On the report, stocks are expected to be at 655 million bushels on a range of 635 to 675 million. The KC September chart has support at the fresh low at $9.77 scored Monday with the lower Bollinger Band at $9.62 and the 20-day still well above the market at $11.02. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.