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DTN Midday Grain Comments     07/12 10:35

   Corn, Soybean, Wheat Futures All Lower at Midday

   Corn futures are 7 to 8 cents lower at midday Friday; soybean futures are 6 
to 13 cents lower; wheat futures are 12 to 17 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents lower at midday Friday; soybean futures are 6 
to 13 cents lower; wheat futures are 12 to 17 cents lower. The U.S. stock 
market is firmer at midday with the S&P 45 higher. The U.S. Dollar Index is 40 
points lower. The interest rate products are mixed. Energy trade has crude .40 
higher and natural gas .05 higher. Livestock trade is mostly higher. Precious 
metals are mixed with gold 5.00 lower.

CORN:

   Corn futures are 7 to 8 cents lower at midday with trade giving back 
Thursday's gains as selling continues and we head toward the WASDE report at 11 
a.m. CDT with oversold conditions still in place. On the WASDE report, trade is 
looking for old-crop carryout at 2.056 billion bushels (bb) versus 2.022 bb 
last month, and new crop at 2.279 bb versus 2.102 bb last month with yield at 
180.4 bushels per acre (bpa) versus 181.0 bpa with world stocks edging lower. 
Ethanol margins should remain rangebound in the short term with softer driving 
demand limiting upside. Warmer weather is expected for much of the Corn Belt in 
the short term while moisture looks to remain adequate into the end of the 
month. Basis action should remain sideways into midmonth. On the September 
chart, the 20-day moving average at $4.22 is resistance with the fresh low at 
$3.91 1/4 as support with the lower Bollinger Band at $3.76 as the next level 
down.

SOYBEANS:

   Soybean futures are 6 to 13 cents lower with selling pushing action to fresh 
lows pre-report while spread strength eases a bit. Meal is 5.50 to 6.50 lower, 
and oil is 15 to 25 points lower. On the report trade is looking for old-crop 
carryout at 356 million bushels (mb) versus 350 mb last month, and new crop at 
444 mb versus 455 mb last month, with yield at 51.8 bpa versus 52.0 bpa last 
month with world stocks edging slightly lower. Warmer weather should bolster 
near-term crop development with overall moisture remaining adequate. Basis 
should remain mostly steady in the short term with support from spreads. The 
September chart resistance is at the 20-day moving average at $11.08 with 
support at the fresh low at $10.53 1/4 scored Friday morning.

WHEAT:

   Wheat futures are 12 to 17 cents lower at midday with trade giving back the 
Thursday rebound as we remain oversold at the lower end of the range going into 
the report, holding just above the week lows. On the report, trade is looking 
for carryout at 787 mb versus 758 mb last year with production at 1.912 bb 
versus 1.875 bb last month with world production edging slightly higher. Winter 
wheat harvest is heading toward the homestretch with harvest pressure likely to 
ease further with spring wheat development likely to continue at a good pace 
with warmer weather to push things along into the weekend. The dollar remains 
at the bottom end of the range after the fade Thursday, while MATIF values are 
weaker fading back to the lower end of the range. On the KC September chart, 
resistance is the 20-day moving average at $5.94, with the fresh low at $5.61 
1/4 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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