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DTN Midday Grain Comments     07/17 10:49

   Corn, Wheat Futures Higher at Midday; Soybeans Flat-Higher

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are flat to 6 cents higher; wheat futures are 13 to 15 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are flat to 6 cents higher; wheat futures are 13 to 15 cents higher. The U.S. 
stock market is mixed at midday with the S&P 65 lower. The U.S. Dollar Index is 
47 points lower. The interest rate products are weaker. Energy trade has crude 
1.60 higher and natural gas .11 cents lower. Livestock trade is mixed. Precious 
metals are mostly lower with gold flat.

CORN:

   Corn futures are 1 to 2 cents higher at midday with light buying continuing 
after the Tuesday rebound as we continue to ease oversold conditions with 
softer spread action upfront. The weekly ethanol report showed production 
rising by 52,000 barrels per day (bpd), with stocks off by 443,000 barrels with 
margins holding within the recent range. Cooler weather looks to persist for 
much of this week with little moisture concerns. Basis action should remain 
sideways into late month. Weekly export sales are expected to be in the 500,000 
to 700,000 metric ton (mt) range. On the September chart, the 20-day moving 
average at $4.13 is resistance with the fresh low at $3.89 1/2 as support with 
the lower Bollinger Band at $3.74 as the next level down.

SOYBEANS:

   Soybean futures are flat to 6 cents higher at midday with strong spread 
action as the August contract leads with early product gains faltering. Meal is 
narrowly mixed and oil is 25 to 35 points lower. Weather should remain good for 
crop development in the near term. Weekly export sales are expected to be in 
the 200,000 to 400,000 mt range Thursday. 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 $10.92 with support at the fresh low at $10.32 1/4 
scored Wednesday with deeply oversold conditions.

WHEAT:

   Wheat futures are 13 to 15 cents higher at midday with trade again trying to 
ease oversold conditions and bounce from fresh lows with trade near the session 
highs this morning. U.S. winter wheat harvest should continue to wind down, 
with Northern Hemisphere harvest expanding overall with spring to remain in 
good shape in the U.S. The dollar remains at the bottom end of the range with 
broader selling Wednesday while MATIF values work back a little of the bottom 
of the range. Weekly export sales are expected to be in the 350,000 to 550,000 
mt range. On the KC September chart, resistance is the 20-day moving average at 
$5.82, with the fresh low at $5.45 3/4 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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