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DTN Midday Grain Comments     07/28 10:50

   Corn, Soybean Futures Higher at Midday Tuesday; Wheat Flat-Higher

   Corn futures are 7 to 8 cents higher at midday Tuesday; soybean futures are 
3 to 4 cents higher; wheat futures are flat to 3 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents higher at midday Tuesday; soybean futures are 
3 to 4 cents higher; wheat futures are flat to 3 cents higher. The U.S. stock 
market is mixed at midday with the S& P 22 points higher. The U.S. Dollar Index 
is weaker. The interest rate products are firmer. Energy trade is sharply 
weaker with crude 2.70 lower and natural gas .10 cents lower. Livestock trade 
is mostly higher with feeder cattle leading. Precious metals are weaker with 
gold off 41.50.

CORN:

   Corn futures are 7 to 8 cents higher at midday with trade firming as we work 
to recover from the start of the week after crop conditions declined. Ethanol 
margins remain solid as unleaded action continues to support blender margins. 
The daily export wire saw 197,272 metric tons (mt) of corn sold to unknown 
destinations for new crop. Weather looks to moderate into midweek with some 
moisture headed for the central part of the Corn Belt with some overnight. 
Weekly crop progress showed 63% good to excellent (down four percentage points) 
and 12% poor to very poor (up three percentage points); 78% silking versus 74% 
on average; 25% in the dough versus 22% on average. Basis will likely see 
further pressure as we head toward fall. On the September chart, the 20-day 
moving average at $4.43 is support with the upper Bollinger Band at $4.67 as 
resistance.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher with trade continuing to struggle 
after the washout to start the week as product action continues to fall back 
along with expected weather relief into midweek. Meal is flat to 1.00 higher 
and oil is 70 to 80 points lower. Basis will likely ease with products fading. 
Weather looks to show short-term improvement, but warmer conditions are 
expected into early August for many. Weekly crop progress showed good to 
excellent at 63% (down three percentage points) and 9% poor to very poor (up 1 
percentage point); 80% blooming versus 74% on average; 47% setting pods versus 
39% on average. On the September contract, chart support is the 20-day moving 
average at $11.87 with the Upper Bollinger Band at $12.48 as resistance.

WHEAT:

   Wheat futures are flat to 3 cents higher with Chicago action leading at 
midday as we continue to consolidate the recent pullback with oversold 
conditions eased a bit. Winter wheat harvest will continue to wind down with 
81% harvested versus 79% on average. Spring wheat stress should ease at midweek 
with 92% headed versus 93% on average; 2% harvested, same as average; 53% good 
to excellent (steady) and 15% poor to very poor (up three percentage points). 
Matif wheat and corn have continued to fade overnight as well. On the KC 
September chart, support is the 20-day moving average at $6.93 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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