DTN Midday Grain Comments     06/18 10:47

   Corn, Soybean Futures Lower at Midday Thursday; Wheat Flat-Lower

   Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 
6 to 8 cents lower; wheat futures are flat to 7 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 
6 to 8 cents lower; wheat futures are flat to 7 cents lower. The U.S. stock 
market is firmer at midday with the S&P 65 points higher. The U.S. Dollar Index 
is 55 points higher. The interest rate products are firmer. Energy trade is 
weaker with crude off 3.00 and natural gas up .06. Livestock trade is mixed. 
Precious metals are sharply lower with gold off 120.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with trade working to 
consolidate gains into the long weekend with little other fresh news and a 
negative commodity environment with the dollar bounce post-Fed statement. 
Ethanol margins will remain solid even as unleaded pulls back. The daily export 
wire saw 285,775 metric tons (mt) of corn sold to Mexico. Weekly export sales 
were solid with 1.157 million metric tons (mmt) of old crop and 519,000 mt of 
new. Weather looks to keep concerns limited with rains staying in the center of 
the Corn Belt with cooler temps through midmonth. On the July chart, the 20-day 
moving average at $4.32 is resistance with the fresh low at $4.06 1/2 as 
support, which we scored Monday.

SOYBEANS:

   Soybean futures are 6 to 8 cents lower with trade giving back some of the 
midweek gains and product fading offsetting export optimism this week. Meal is 
4.00 to 5.00 lower and oil is 205 to 215 points lower. Basis is holding the 
recent gains but sliding as crush margins could return some pressure quickly. 
Weather should allow for good development the balance of the week. The daily 
export wire saw 132,000 mt of new crop booked by China, and 120,000 mt to 
unknown destinations. Weekly export sales showed some improvement at 424,900 mt 
old crop; 304,100 mt new; 283,900 of old meal; 120,200 of new meal; and 2,200 
of oil. On the July contract chart resistance is the 20-day moving average at 
$11.49 with the fresh low scored Monday at $11.04 1/2 as support.

WHEAT:

   Wheat futures are flat to 7 cents lower with spring wheat leading at midday 
with little fresh news as harvest moves ahead and row-crop spillover is less 
positive this morning along with dollar strength. Harvest should continue to 
expand to the north and west around some rains with spring wheat continuing to 
see better development into next week. Matif wheat is flat despite the euro 
easing and overall weather concerns are picking back up in the Black Sea area. 
Weekly export sales were OK at 400,800 mt old crop and 26,900 mt of new. On the 
KC July chart, resistance is the 20-day moving average at $6.45, which we are 
just below at midday, 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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