DTN Midday Grain Comments     06/22 10:47

   Corn, Soybean and Wheat Futures All Lower at Midday Monday

   Corn futures are 4 to 5 cents lower at midday Monday; soybean futures are 1 
to 3 cents lower; wheat futures are 6 to 8 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Monday; soybean futures are 1 
to 3 cents lower; wheat futures are 6 to 8 cents lower. The U.S. stock market 
is mixed at midday with the S&P 25 points lower. The U.S. Dollar Index is 3 
points higher. The interest rate products are weaker. Energy trade is weaker 
with crude off 2.50 and natural gas up .06. Livestock trade is mixed with 
cattle leading. Precious metals are firmer with gold up 35.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday, with spread action staying 
soft to start the week with overall action rangebound as outside market news 
goes back and forth and little change to the near-term weather pattern to 
entice buyers. Ethanol margins will remain solid even as unleaded pulls back 
with summer demand likely to stay strong. The daily export wire was quiet to 
start the week with weekly export inspections softer with the short week at 
1.454 million metric tons (mmt) with year-to-date pace at 125%. Weather looks 
to keep concerns limited with the northern Corn Belt staying wetter in the 
short term with little immediate temperature concern, and weekly crop progress 
is expected to be just ahead of the five-year average with little change to 
conditions. On the July chart, the 20-day moving average at $4.30 is resistance 
with the recent low at $4.06 1/2 as support.

SOYBEANS:

   Soybean futures are 1 to 3 cents lower at midday with oil leading the 
product complex as we look for further export confirmations for new crop and 
product action to stabilize with early gains fading. Meal is 1.00 to 2.00 lower 
and oil is 115 to 125 points higher. Basis is holding the recent gains but 
sliding crush margins could return some pressure quickly. Weather should allow 
for good development in the short term with weekly crop progress keeping 
development ahead of the five-year average, with conditions likely to stay 
steady. The daily wire was quiet to start the week with weekly export 
inspections soft at 241,045 metric tons (mt) with year-to-date pace at 81%. On 
the July contract chart, resistance is the 20-day moving average at $11.45 
where we find the recent low at $11.04 1/2 as support.

WHEAT:

   Wheat futures are 6 to 8 cents lower at midday with harvest pressure 
continuing, as we fade back to nearby support levels along with limited 
row-crop support to help keep pressure on. Harvest should continue to roll 
forth after recent storms with weekly progress well ahead of the five-year 
average, with spring wheat likely to show average development with further 
condition improvements. Matif wheat is sharply higher with heat in continental 
Europe stressing the crop. Weekly export inspections were OK at 393,150 mt with 
year-to-date pace at 115%. On the KC July chart, resistance is the 20-day 
moving average at $6.43, 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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