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DTN Midday Grain Comments     08/04 10:51

   Corn, Soybean, Wheat Futures All Lower at Midday Tuesday

   Corn futures are 7 to 8 cents lower at midday Tuesday; soybean futures are 
19 to 21 cents lower; wheat futures are 8 to 13 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents lower at midday Tuesday; soybean futures are 
19 to 21 cents lower; wheat futures are 8 to 13 cents lower. The U.S. stock 
market is firmer at midday with the S&P 98 points higher. The U.S. Dollar Index 
is 4 points higher. The interest rate products are firmer. Energy trade is 
weaker with crude off 3.80 and natural gas .11 cents lower. Livestock trade is 
mostly lower. Precious metals are firmer with gold up 55.00.

CORN:

   Corn futures are 7 to 8 cents lower at midday with early gains fading as we 
again see promises of an imminent deal in the Gulf, along with less threatening 
short-term weather continuing. Ethanol margins should continue to support 
strong production runs even with unleaded continuing to slide. The daily export 
wire was quiet again Tuesday. Weather looks to warm for most into August again 
with better rains lingering for much of the Corn Belt through midweek. Weekly 
crop progress showed good to excellent at 61% (down 2 percentage points from 
the previous week) and 14% poor to very poor (up 2 percentage points from the 
previous week), with 90% silking versus 87% on average, 43% in the dough versus 
38% on average, and 6% dented versus 5% on average. Basis will likely see 
further pressure as we head toward fall. On the September chart, the 20-day 
moving average at $4.47 has become resistance with a close just above there and 
the fresh low scored Monday at $4.35 as support.

SOYBEANS:

   Soybean futures are 19 to 21 cents lower at midday with negative spillover 
from energies and better short-term weather keeping pressure on even as we've 
seen a more active export sales pace. Meal is 3.00 to 4.00 lower and oil is 55 
to 65 points lower. Basis will likely ease as product action drifts lower. 
Weather looks to show short-term improvement, but warmer conditions are 
expected into early August for many with recent and short-term rains better for 
most. Weekly crop progress showed good to excellent at 63% good to excellent, 
steady with the previous week, and 9% poor to very poor, also steady with the 
previous week. Eighty-eight percent were blooming versus 84% on average, and 
62% setting pods versus 55% on average. The daily export wire saw 132,000 
metric tons (mt) sold to China, as the strong overall pace continues there. On 
the September contract chart, resistance is the 20-day moving average at 
$11.94, with support the Lower Bollinger Band at $11.54, which we are testing 
at midday.

WHEAT:

   Wheat futures are 8 to 13 cents lower at midday as we fade back from the 
late Monday strength as row crops turn lower and Euro spillover support eases. 
Spring wheat areas should see harvest expand further this week with 98% headed 
versus 97% on average, 5% harvested versus 6% on average and 55% good to 
excellent (up 2 percentage points from the previous week) and 12% poor to very 
poor (down 3 percentage points from the previous week) on the weekly report, 
with winter wheat 86% harvested, steady with the average. Matif wheat is fading 
back with the Euro a bit firmer overall to start the week. On the KC September 
chart, support is the 20-day moving average at $7.10, which we are testing at 
midday with the fresh high for the move at $7.77 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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