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DTN Midday Grain Comments 07/18 10:54
Corn, Soybean, Wheat Futures Higher at Midday
Corn futures are 6 to 7 cents higher at midday Friday; soybean futures are 7
to 8 cents higher; wheat futures are 3 to 15 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 6 to 7 cents higher at midday Friday; soybean futures are 7
to 8 cents higher; wheat futures are 3 to 15 cents higher. The U.S. stock
market is mixed with the S&P 2 points higher. The U.S. Dollar Index is 48
points lower. The interest rate products are firmer. Energy trade is flat with
crude .05 higher and natural gas .02 higher. Livestock trade is mixed with hogs
leading. Precious metals are firmer with gold 14.00 higher.
CORN:
Corn futures are 6 to 7 cents higher at midday with trade working toward the
gap left the week prior with broad ag buying Friday morning. Ethanol margins
should remain stable as unleaded has kept pace with corn. Short-term weather
continues to remain mostly favorable as pollination progresses with some heat
in the forecast into the second week with good near-term moisture expected for
most. Basis looks to remain rangebound in the short term. On the September
chart, the 20-day moving average at $4.07 is resistance, which we are testing
at midday, with the fresh low at $3.91 1/4 as support.
SOYBEANS:
Soybean futures are 7 to 8 cents higher at midday with trade pressing back
through nearby resistance as oil scores fresh highs and meal firms further from
the lows. Meal is 2.00 to 3.00 higher and oil 10 to 20 points lower after early
strength. Weather should generally remain good for short-term development with
moisture for most before heat returns with more focus on how weather develops
into podfilling. Basis will likely remain flat in the short term. On the
September chart, resistance is the 20-day moving average at $10.17, which we
have edged above overnight, and the fresh low at $9.85 1/4 as support.
WHEAT:
Wheat futures are 3 to 15 cents higher with short-covering on the winter
wheats at midday as the dollar pulls back from the recent bounce and we see
spillover support from row crops. The hard red wheat areas should continue to
work toward the homestretch while spring wheat should continue to catch up
development-wise as we get closer to early harvest. MATIF wheat is testing the
top end of the recent range. On the KC September chart, resistance is the
20-day moving average at $5.34, with the lower Bollinger Band at $5.09 as
support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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