| |
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
(c) Copyright 2026 DTN, LLC. All rights reserved.
Get your local Cash Bids emailed to you each morning from DTN – click here to sign up for DTN Snapshot.
|
|
