DTN Midday Grain Comments     06/26 10:57

   Corn Futures Higher at Midday Friday; Soybeans Mixed; Wheat Lower

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 
narrowly mixed; wheat futures are 8 to 10 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 
narrowly mixed; wheat futures are 8 to 10 cents lower. The U.S. stock market is 
firmer at midday with the S&P 15 points higher. The U.S. Dollar Index is 18 
points lower. The interest rate products are mixed. Energy trade is weaker with 
crude off 3.20 and natural gas up .01. Livestock trade is mixed with hogs 
leading. Precious metals are firmer with gold up 45.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with light buying returning 
during the day session as we work to consolidate the Thursday gains into the 
weekend. Ethanol margins are staying solid as we head toward demand for the 
Fourth of July travel. The daily export wire was quiet to close the week. 
Weather looks to keep concerns limited in the short term with warmer temps for 
most expected out of the weekend. Basis action looks to remain flat in the 
short term. On the July chart, the 20-day moving average at $4.20 3/4 is 
resistance with the fresh low at $4.03 3/4 as support.

SOYBEANS:

   Soybean futures are narrowly mixed at midday with broad product weakness 
beginning to ease during the day session as trade attempts to consolidate the 
reversal seen Thursday. Meal is 1.00 to 2.00 lower and oil is 20 to 30 points 
lower. Basis will need further crush margin recovery to hold recent gains. 
Weather should allow for good development in the short term with trade likely 
to start watching the extended forecast more as heat moves in next week. The 
daily wire was quiet again to close the week. On the July contract chart, 
resistance is the 20-day moving average at $11.30 with the recent low at $11.04 
1/2 as support.

WHEAT:

   Wheat futures are 8 to 10 cents lower at midday with harvest pressure 
continuing into a major harvest weekend with row-crop support not as 
substantial today after the bounce Thursday. The dollar continues to ease from 
recent highs. Harvest should continue to roll forth after recent storms with 
spring wheat areas likely to stay in good shape in the short term. Matif wheat 
is weaker again with the Euro firming. On the KC July chart, resistance is the 
20-day moving average at $6.34 with the fresh low at $6.05 3/4 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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