DTN Midday Grain Comments     07/30 10:52

   Corn Futures Mixed at Midday Thursday; Soybean Futures Lower; Wheat Futures 
Higher

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 2 to 
3 cents lower; wheat futures are 9 to 12 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 2 to 
3 cents lower; wheat futures are 9 to 12 cents higher. The U.S. stock market is 
firmer at midday with the S&P 60 points higher. The U.S. Dollar Index is 80 
points lower. The interest rate products are firmer. Energy trade is flat with 
crude flat and natural gas .04 cents higher. Livestock trade has cattle firming 
and hogs sharply lower. Precious metals are firmer with gold up 47.00.

CORN:

   Corn futures are narrowly mixed at midday with early gains fading as wheat 
support eases and soybeans continue to drag on action after the midweek 
washout. Ethanol margins should continue to support strong production runs. 
Weekly export sales were OK at 362,900 metric tons (mt) of old crop and 1.062 
million metric tons (mmt). Weather looks to keep some rains in place toward the 
weekend with temps a little above average. Basis will likely see further 
pressure as we head toward fall. On the September chart, the 20-day moving 
average at $4.46 as support with the upper Bollinger Band at 4.67.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower with trade working to consolidate the 
pullback we saw through midweek with product action flattening out as well. 
Meal is flat to 1.00 lower and oil is 30 to 40 points lower. Basis will likely 
ease as product action drifts lower. Weather looks to show short-term 
improvement but warmer conditions expected into early August for many after the 
midweek storms. The daily export wire saw 132,000 metric tons sold to China for 
new crop. Weekly export sales were OK at 302,300 mt old crop; 1.333 mmt of new; 
with meal at 63,300 old and 51,400 of new with -1,100 of oil. On the September 
contract, chart resistance is the 20-day moving average at $11.93 with support 
the Lower Bollinger Band at $11.49.

WHEAT:

   Wheat futures are 9 to 12 cents higher with KC action leading at midday with 
spillover support from Europe as we continue to worry about short crops and 
Black Sea shipping disruptions with trade solidly off the nearly 30 cent gains 
overnight. Spring wheat areas should see some moisture this week as early 
harvest gets rolling. Winter wheat harvest continues to wrap up. Matif wheat is 
holding gains but has faded from the overnight highs. Weekly export sales 
remain soft at 285,200 metric tons. On the KC September chart, support is the 
20-day moving average at $6.99 with the fresh high for the move at $7.77 as 
resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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