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DTN Midday Grain Comments 06/29 11:05
Corn, Soybean, Wheat Futures All Lower at Midday Monday
Corn futures are 11 to 12 cents lower at midday Monday; soybean futures are
14 to 15 cents lower; wheat futures are flat to 7 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 11 to 12 cents lower at midday Monday; soybean futures are
14 to 15 cents lower; wheat futures are flat to 7 cents lower. The U.S. stock
market is firmer at midday with the S&P 55 points higher. The U.S. Dollar Index
is 20 points lower. The interest rate products are mixed. Energy trade is mixed
with crude up 1.20 and natural gas off .10. Livestock trade is broadly lower.
Precious metals are weaker with gold off 63.00.
CORN:
Corn futures are 11 to 12 cents lower at midday with trade back to scoring
another set of fresh lows as we remain deeply oversold heading toward the
reports Tuesday, along with the July contract heading into delivery. On the
report, trade is looking for corn acres at 94.9 million, down 400,000 from
March, with stocks at 5.392 billion bushels (bb). Ethanol margins should hold
the range heading into the holiday travel weekend with unleaded off to a fast
start. Weekly export inspections were solid at 1.786 million metric tons (mmt)
with year-to-date pace at 125%. Weather is warmer than normal to start the week
but overall concerns remain limited. Weekly crop progress to likely remain
steady with development in line with the 5-year average. Basis action looks to
remain flat in the short term. On the September chart, the 20-day moving
average at $4.26 3/4 is resistance with the fresh low at $4.10 1/4 as support.
SOYBEANS:
Soybean futures are 14 to 15 cents lower at midday with trade remaining
oversold and early product strength fading. Meal is .50 to 1.50 lower and oil
is 60 to 70 points lower. On the report, trade is looking for acres at 85.4
million, up about 700,000 from March, with stocks at 1.051 bb. Basis will need
further crush margin recovery to hold recent gains as July goes into delivery.
Weather should add some short-term heat stress, but overall conditions are
expected to remain steady this week with development in line with the 5-year
average. The daily export wire saw 136,000 metric tons (mt) sold to unknown
with weekly export inspections rangebound at 419,124 mt with year-to-date pace
at 81%. On the September contract, chart resistance is the 20-day moving
average at $11.32 1/2 with the recent low at $11.07 1/2 as support.
WHEAT:
Wheat futures are flat to 7 cents lower with KC action leading to start the
week as we try to ease oversold conditions as we head to the back end of
harvest for winter wheat with row-crop pressure spilling over yet again. On the
report, all wheat acres are expected at 43.8 million, unchanged from March,
with stocks at 93 million bushels. Harvest should continue to roll forth after
recent storms with spring wheat areas likely to stay in good shape in the short
term with conditions likely to stay steady to better with development just
behind the 5-year average. Matif wheat is flat with the euro holding onto
recent gains. Weekly export inspections were a little better at 358,253 mt with
year-to-date pace at 101%. On the KC September chart, resistance is the 20-day
moving average at $6.38 with the fresh low at $6.15 as support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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