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DTN Midday Grain Comments     06/20 10:49

   Corn, Soybean, Wheat Futures Lower at Midday

   Corn futures are 4 to 6 cents lower at midday Thursday; soybean futures are 
6 to 9 cents lower; wheat futures are 4 to 10 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 6 cents lower at midday Thursday; soybean futures are 
6 to 9 cents lower; wheat futures are 4 to 10 cents lower. The U.S. stock 
market is firmer at midday with the S&P 7 points higher. The U.S. Dollar Index 
is 28 points higher. The interest rate products are weaker. Energy trade has 
crude .45 higher and natural gas .11 lower. Livestock trade is lower after 
early strength. Precious metals are firmer with gold up 23.00.

CORN:

   Corn futures are 4 to 6 cents lower at midday with trade fading back from 
nearby resistance again with broad commodity weakness in Thursday morning, 
while spread action remains flat to firmer. Ethanol margins should remain 
rangebound with the weekly report showing production up by 24,000 barrels per 
day (bpd), and stocks 400,000 barrels higher. Warmer weather looks to carry 
through the end of June with the east drier and the north and west wetter. 
Basis action should stay steady in the short term. Weekly export sales are 
delayed until Friday with expectations for 600,000 to 950,000 metric tons (mt) 
sold. On the July chart, the 20-day moving average at $4.51 is resistance with 
the Lower Bollinger Band as further support at $4.37, which we bounced from 
last week.

SOYBEANS:

   Soybean futures are 6 to 9 cents lower at midday with trade holding much of 
the Tuesday gains with mixed product action so far and spreads easing back to 
flat after early strength. Meal was 3.00 to 4.00 lower and oil is flat to 10 
points lower. Planting should wind down with the heaviest rains in the areas 
that are mostly complete with early growth likely to stay solid. South America 
should continue to lead the export market. Weekly U.S. export sales are 
expected to be in the 500,000 to 750,000 mt range Friday. Basis should remain 
mostly steady in the short term. The July chart resistance is at the 20-day 
moving average at $11.96 with support at the lower Bollinger Band at 11.44.

WHEAT:

   Wheat futures are 4 to 10 cents lower at midday with trade extending 
oversold conditions as harvest pressure continues to build as we likely draw 
closer to the halfway point in the U.S. but we have seen spread action firm a 
bit as we come off the fresh lows scored early in the session. Plains weather 
should be mostly open in the short term to keep combines rolling while SRW in 
the east moves along quickly as well with the warmer and drier weather. The 
dollar is holding at the top of the range with MATIF action bouncing off fresh 
lows for the move and getting oversold as well after edging slightly higher 
Wednesday. Weekly export sales are expected to be in the 300,000 to 450,000 mt 
range Friday. On the KC July chart, resistance is the 20-day moving average at 
$6.70, with the lower Bollinger Band at $5.86, which we bounced from Thursday 
morning.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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