DTN Midday Grain Comments     06/27 10:51

   Corn, Soybean Futures Higher at Midday; Wheat Mixed

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 5 
to 8 cents higher; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 5 
to 8 cents higher; wheat futures are narrowly mixed. The U.S. stock market is 
firmer with the S&P 38 points higher. The U.S. Dollar Index is 10 points 
higher. The interest rate products are weaker. Energy trade is firmer with 
crude .50 higher and natural gas .16 higher. Livestock trade is mixed with 
cattle leading. Precious metals are weaker with gold down 63.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with light short-covering as 
we head toward the weekend. The Stocks and Acreage reports are due from USDA 
Monday and oversold conditions are beginning to ease a little. Ethanol margins 
look to remain fairly stable short term. Short term weather continues to keep 
rains active and excessive heat limited for the Corn Belt. Basis looks to 
remain rangebound as the July contract goes into delivery. On the September 
chart, the 20-day moving average at $4.22 is resistance with the fresh low at 
$4.02 1/4 as support.

SOYBEANS:

   Soybean futures are 5 to 8 cents higher at midday with product weakness 
starting to ease a little after the meal washout earlier and oil consolidating 
just off the highs. Meal is narrowly mixed and deeply oversold, and oil is 25 
to 35 points lower. Weather should generally remain good for development short 
term. Basis should remain steady to softer near term with crusher margins still 
struggling. The daily export wire saw 119,746 metric tons sold to Mexico. On 
the September chart, support is the fresh low at $10.05 3/4 with resistance the 
20-day moving average at $10.29.

WHEAT:

   Wheat futures are narrowly mixed with harvest pressure helping to pull 
action back from the early short-covering that had firmer action across all 
three contracts. The hard red wheat areas should see better progress short term 
as the Western Plains find more pockets of dryness, while the Dakotas should 
see conditions improve a bit. MATIF wheat is lightly firmer this morning. On 
the KC September chart, resistance is the 20-day moving average at $5.53, with 
the lower Bollinger Band at $5.25 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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