DTN Midday Grain Comments     06/09 10:56

   Corn, Wheat Futures Higher at Midday Tuesday; Soybeans Lower

   Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 
2 to 3 cents lower; wheat futures are 1 to 6 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 
2 to 3 cents lower; wheat futures are 1 to 6 cents higher. The U.S. stock 
market is weaker at midday with the S&P 80 points lower. The U.S. Dollar Index 
is 20 points lower. The interest rate products are mixed. Energy trade is 
weaker with crude off 3.50 and natural gas up .01. Livestock trade is mixed in 
two-sided action. Precious metals are mixed with gold off 50.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade working to build 
on Monday's positive finish as we ease oversold conditions with lightly firmer 
spread action pulling back from early day session strength. Ethanol margins 
should remain strong in the short term with the corn pullback boosting 
blenders. The daily export wire saw 120,000 metric tons (mt) of corn sold to 
unknown destinations. Basis continues to hold the recent range for now. Weather 
looks to keep concerns limited with rains moving to the center of the Corn Belt 
and cooler weather expected toward the end of the week. Weekly crop progress 
showed 97% planted versus 96% on average; 86% emerged, same as average; 
good-to-excellent conditions unchanged at 67%; 6% poor to very poor (+1 point). 
On the July chart, the 20-day moving average at $4.52 3/4 is resistance with 
the fresh low at $4.12 1/2 as support, which we scored Monday.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower at midday with trade consolidating at 
the lower end of the range amid oversold conditions while products work to 
stabilize. Meal is 1.00 to 2.00 higher and oil is 20 to 30 points higher. South 
America will continue to move post-harvest bushels onto the world market as 
harvest wraps up. Basis and crush margins look to hold the recent range into 
June with consolidation at the lower end of the range as well. Planting should 
wrap up except for double-crop soon enough with rains to support emergence in 
the west. USDA's Crop Progress report said 92% planted versus 88% on average; 
79% emerged versus 71% on average; 65% good to excellent (-1 point); 6% poor to 
very poor (+1 point). On the July contract, chart resistance is the 20-day 
moving average at $11.79 with the fresh low scored Tuesday morning at $11.10 
1/2 as support.

WHEAT:

   Wheat futures are 1 to 6 cents higher at midday with light buying so far 
after the strong finish for winter wheats on Monday with less spillover 
pressure from row crops and early harvest pressure starting to moderate. 
Harvest should continue to expand with the west drying out again in the short 
term, while spring wheat development should be aided by rains but cooler temps 
may slow growth. Weekly crop progress showed winter wheat 87% headed versus 85% 
on average; 11% harvested versus 6% on average; 25% good to excellent (-1 
point); 46% poor to very poor. Spring wheat is 87% emerged versus 80% on 
average; good to excellent at 52% (+5 points); 6% poor to very poor. Matif 
wheat is lightly higher with the euro firming. On the KC July chart, resistance 
is the 20-day moving average at $6.69 with the recent low at $6.15 1/2 as 
support.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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