DTN Midday Grain Comments     07/29 10:54

   Corn, Soybean, Wheat Futures Lower at Midday

   Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 4 
to 5 cents lower; wheat futures are 3 to 8 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 4 
to 5 cents lower; wheat futures are 3 to 8 cents lower. The U.S. stock market 
is weaker with the S&P 14 points lower. The U.S. Dollar Index is 36 points 
higher. The interest rate products are firmer. Energy trade is firmer with 
crude .80 higher and natural gas .08 higher. Livestock trade is mixed. Precious 
metals are firmer with gold 15.00 higher.

CORN:

   Corn futures are 5 to 6 cents lower at midday with broad selling across ag 
contracts with the September pressing into a fresh low while December has held 
so far. Ethanol margins should continue rangebound for now. The forecast looks 
to cool off after the early week heat with widespread rain coverage again with 
weekly crop progress showing good to excellent at 73% (-1%), and 7% poor to 
very poor; 76% silking versus 77% on average; 26% in the dough versus 24% on 
average. Basis looks to remain rangebound to softer in the short term. On the 
September chart, the 20-day moving average at $4.02 is resistance, with the 
fresh low at $3.87 3/4 as support.

SOYBEANS:

   Soybean futures are 4 to 5 cents lower at midday with trade testing back to 
the lower end of the range as well while product action flattens out. Meal is 
1.00 to 2.00 lower and oil is flat to 10 points higher. The forecast looks to 
keep sustained stress limited into early podfill season. Weekly crop progress 
showed good to excellent 2% better at 70%; 6% poor to very poor; 76% blooming 
same as average; 41% setting pods versus 42% on average. Basis will likely 
remain flat to soft in the short term. On the September chart, resistance is 
the 20-day moving average at $10.07, and the recent low at $9.85 1/4 as support.

WHEAT:

   Wheat futures are 3 to 8 cents lower at midday with the strong dollar 
blunting the winter wheat attempt to challenge nearby resistance yet again 
although we have been able to firm off the early lows. Winter wheat harvest is 
81% complete, same as average; spring wheat 1% complete versus 3% on average; 
92% headed versus 95% on average; 49% good to excellent (-3%); 18% poor to very 
poor. MATIF wheat is fading back from the test of resistance seen Monday as 
well. On the KC September chart, resistance is the 20-day moving average at 
$5.27, where we closed Monday, with the lower Bollinger Band at $5.15 as 
support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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