DTN Midday Grain Comments     06/30 10:47

   Soybean Futures are Higher at Midday; Corn Narrowly Mixed; Wheat Flat to 
Higher

   Corn futures are narrowly mixed at midday Monday; soybean futures are 9 to 
12 cents higher; wheat futures are flat to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Monday; soybean futures are 9 to 
12 cents higher; wheat futures are flat to 3 cents higher. The U.S. stock 
market is firmer with the S&P 11 points higher. The U.S. Dollar Index is 40 
points lower. The interest rate products are firmer. Energy trade is weaker 
with crude .50 lower and natural gas .28 lower. Livestock trade is mostly 
lower. Precious metals are mixed with gold up 12.00.

CORN:

   Corn futures are narrowly mixed as we head to the stocks and acreage reports 
release at 11 a.m. CDT. Action is still stuck at the lower end of the range. On 
the report, trade is looking for corn stocks at 4.641 billion bushels (bb) 
versus 4.997 bb last year; acres at 95.530 million versus 90.60 million last 
year and 95.33 million in March. Ethanol margins have shown little change in 
recent days. Short-term weather may trend warmer but moisture continues to look 
mostly adequate with the weekly report likely to show steady to slightly better 
conditions and average development. Weekly export inspections remained solid at 
1.370 million metric tons  (mmt) with year-to-date pace running at 129%. Basis 
looks to remain rangebound as the July contract goes into delivery. On the 
September chart, the 20-day moving average at $4.21 is resistance with the 
fresh low at $4.02 1/4 as support.

SOYBEANS:

   Soybean futures are 9 to 12 cents higher at midday with decent buying in 
pre-report action while meal works to ease the deeply oversold conditions 
pre-report. Meal is 1.00 to 2.00 higher and oil is 30 to 40 points higher. On 
the report, trade is looking for stocks at 980 mb versus 970 mb last year; 
acres at 83.655 million versus 83.495 million in March and 87.05 million last 
year. Weather should generally remain good for development short term with 
steady conditions and average development pace expected on the weekly report. 
Basis should remain steady to softer near term with crusher margins still 
struggling. The daily export wire saw 204,000 metric tons (mt) of new-crop meal 
sold to unknown destinations. Weekly export inspections were soft at 224,787 
mt, although year-to-date pace remains at 110%. On the September chart, support 
is the fresh low at $10.05 3/4 with resistance the 20-day moving average at 
$10.29, which we are just below at midday.

WHEAT:

   Wheat futures are flat to 3 cents higher at midday with choppy action 
continuing as harvest progresses on the Plains and the dollar remains at the 
lower end of the range. On the report, trade is looking for 836 mb of stocks 
versus 696 mb last year; acres at 45.438 million versus 45.350 million in March 
and 46.079 million last year. The hard red wheat areas should start to catch up 
somewhat this week with the weekly report expected to show harvest still well 
behind average pace with steady conditions; spring wheat conditions should 
improve a bit with development in line with the 5-year average. MATIF wheat is 
weaker Monday morning. Weekly export inspections improved a bit to 434,539 mt 
with year-to-date pace at 92%. On the KC September chart, resistance is the 
20-day moving average at $5.53, with the lower Bollinger Band at $5.25 as 
support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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