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DTN Midday Grain Comments     06/10 11:01

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 12 to 13 cents higher; wheat futures are 2 to 6 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 12 to 13 cents higher; wheat futures are 2 to 6 cents higher. The U.S. 
stock market is weaker at midday with the S&P 65 points lower. The U.S. Dollar 
Index is 2 points lower. The interest rate products are firmer. Energy trade is 
firmer with crude up 1.50 and natural gas up .05. Livestock trade is mostly 
higher. Precious metals are weaker with gold off 130.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with light buying again as 
trade works to digest the faltering ceasefire along with positioning for the 
report coming Thursday. On the report, trade is looking for old-crop carryout 
at 2.144 billion bushels (bb) and new-crop at 1.942 bb, virtually unchanged 
from last month, with trendline yields expected to continue. Weekly ethanol 
production was unchanged with stocks down 200,000 barrels. Weekly export sales 
are expected to be in the 700,000 to 1.0 million metric ton (mmt) range. 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 and into next week. On the July chart, the 
20-day moving average at $4.48 3/4 is resistance with the fresh low at $4.12 
1/2 as support, which we scored Monday.

SOYBEANS:

   Soybeans are 12 to 13 cents higher with light product gains as we look to 
ease oversold conditions and see where world events go in the short term with 
buying picking up during the day session. Meal is 2.00 to 3.00 higher and oil 
is 40 to 50 points higher. On the report Thursday, trade is looking for 
old-crop carryout at 314 million bushels (mb) and new at 339 mb, little changed 
from last month with trendline yield expectations. Basis and crush margins look 
to hold the recent range into June with consolidation at the lower end of the 
range as well. Weekly export sales are expected to be in the 300,000 to 500,000 
metric tons (mt) range. On the July contract, chart resistance is the 20-day 
moving average at $11.73 with the fresh low scored Wednesday at $11.10 1/2 as 
support.

WHEAT:

   Wheat futures are 2 to 6 cents higher at midday with light buying continuing 
as row-crop spillover pressure eases along with harvest pressure easing as 
rains likely slow harvest to the east. Harvest should continue to expand with 
the further west drying out again in the short term, while spring wheat 
development should be aided by rains but cooler temps may slow growth. On the 
report Thursday, trade is looking for old-crop carryout at 940 mb and new-crop 
at 760 mb, little changed from May with further production cuts expected to be 
limited. Matif wheat is lightly higher again with the euro firming. On the KC 
July chart, resistance is the 20-day moving average at $6.65 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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