DTN Midday Grain Comments     08/06 10:52

   Corn Futures Flat-Lower at Midday Thursday; Soybeans Mixed; Wheat Lower

   Corn futures are flat to 1 cent lower at midday Thursday; soybean futures 
are narrowly mixed; wheat futures are 10 to 14 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent lower at midday Thursday; soybean futures 
are narrowly mixed; wheat futures are 10 to 14 cents lower. The U.S. stock 
market is weaker at midday with the S&P 15 points lower. The U.S. Dollar Index 
is 29 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 1.80 and natural gas .04 cents lower. Livestock trade is 
broadly lower. Precious metals are mixed with gold up 12.00.

CORN:

   Corn futures are flat to 1 cent lower in quiet midday action, as we continue 
to hold the early week lows, with fresh news remaining limited and diminishing 
weather concerns. Ethanol margins remain strong in the short term with unleaded 
turning back higher to boost blenders. The daily export wire was quiet with 
weekly sales solid at 116,700 metric tons (mt) of old crop as the marketing 
year winds up with 1.027 million metric tons (mmt) of new crop. Weather looks 
non-threatening for most in the short term, with rains expected to stay in the 
middle of the Corn Belt. Basis will likely drift lower except for the west in 
the short term. On the September chart, the 20-day at $4.47 has become 
resistance, with the fresh low tested overnight at $4.35 as support.

SOYBEANS:

   Soybean futures are narrowly mixed at midday, with mixed product action as 
trade works to consolidate the lower end of the range. Meal is .50 to 1.50 
higher and oil is 15 to 25 points lower. Basis will likely ease as product 
action drifts along. Weather looks to show short-term improvement with pod fill 
concerns easing a little bit. The daily export wire saw 122,000 mt sold to 
China with weekly sales at 32,200 mt old crop, 903,900 mt of new, with 101,400 
mt of old meal, 146,700 mt of new, and 3,900 mt of oil. On the September 
contract chart, resistance is the 20-day at $11.90, where we find the 20-day 
with support the Lower Bollinger Band at $11.43.

WHEAT:

   Wheat futures are 10 to 14 cents lower at midday with early two-sided trade 
softening as the dollar firms and nearby support gets dented again. Spring 
wheat areas should see harvest expand further with rains needed for the south 
soon ahead of early planting season. Matif wheat is weaker despite the Euro 
easing. Weekly export sales were at 296,400 mt. On the KC September chart, 
resistance is the 20-day at $7.19, which we tested with the $7.00 area as 
support and are testing at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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