DTN Midday Grain Comments     06/18 10:56

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 1 to 5 cents higher at midday Wednesday; soybean futures 
are 3 to 4 cents higher; wheat futures are 13 to 18 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 5 cents higher at midday Wednesday; soybean futures 
are 3 to 4 cents higher; wheat futures are 13 to 18 cents higher. The U.S. 
stock market is firmer with the S&P 25 points higher. The U.S. Dollar Index is 
22 points lower. The interest rate products are mostly firmer. Energy trade is 
mixed with crude 1.10 lower and natural gas .11 higher. Livestock trade is 
mixed. Precious metals are mixed with gold flat.

CORN:

   Corn futures are 1 to 5 cents higher with spread action remaining soft as 
trade follows wheat and soybeans with little other fresh news. The weekly 
ethanol report showed production off by 9,000 barrels per day (bpd); stocks 
were 400,000 barrels higher. Broader heat is expected into the weekend before 
further moisture is expected. Weekly export sales are delayed until Friday with 
the Juneteenth holiday Thursday. Corn export sales are expected to be in the 
400,000 to 650,000 metric ton (mt) range. Basis continues to hold the recent 
range. On the July chart, the 20-day moving average at $4.43 3/4 is resistance 
with the lower Bollinger Band at $4.26 as support.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher as we near overbought conditions at 
the upper end of the range and consolidate gains. Meal is 1.50 to 2.50 higher 
and oil is 10 to 20 points lower. Warmer short-term weather should boost 
emergence and move double-crop planting along with overall concerns limited for 
now. Basis should remain stable in the near term as we sort out the processor 
roll and biodiesel coming forward. Weekly export sales are expected to be in 
the 150,000 to 300,000 mt Friday. On the July chart support is the 20-day 
moving average at $10.56 with the recent high at $10.82 as resistance.

WHEAT:

   Wheat futures are 13 to 18 cents higher at midday with winter wheats 
pressing more into nearby resistance as world concerns and slow harvest 
encourages further short-covering as we get close to overbought conditions. The 
hard red wheat areas should start to see harvest move ahead as warmer temps aid 
maturity and readiness. But some rains will threaten quality as the overall 
pace will continue to lag. MATIF wheat is sharply firmer as well. Weekly export 
sales are expected to be in the 300,000 to 450,000 mt range. On the KC July 
chart, support is the 20-day moving average at $5.35, which we bounced off 
Tuesday, with the Upper Bollinger Band at $5.52 the next round up, which we are 
solidly above at midday.

   **

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   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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