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DTN Midday Grain Comments     07/19 10:52

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

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 
flat to 2 cents higher; wheat futures are 11 to 13 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 
flat to 2 cents higher; wheat futures are 11 to 13 cents higher. The U.S. stock 
market is lower at midday with the S&P 30 lower. The U.S. Dollar Index is 15 
points higher. The interest rate products are weaker. Energy trade has crude 
1.00 lower and natural gas .03 lower. Livestock trade is mixed. Precious metals 
are weaker with gold off 50.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade continuing to hold 
the low end of the range with softer spread action but unable to sustain 
broader short-covering so far with more bullish news needed. Ethanol margins 
should see little change with corn and unleaded both at the lower end of the 
recent range. Cooler weather looks to persist into the weekend with continued 
moisture for many. Basis action should remain sideways into late month. The 
daily export wire was quiet, but trade is looking for sales as U.S. origin corn 
gets more competitive on the world market. On the September chart, the 20-day 
moving average at $4.07 1/2 is resistance with the fresh low at $3.89 1/2 as 
support and the lower Bollinger Band at $3.76 as the next level down.

SOYBEANS:

   Soybean futures are flat to 2 cents higher at midday with trade trying to 
extend the rebound from the fresh lows scored this week with oil leading the 
product complex but trade again fading from the early gains. Meal is mixed and 
oil is 15 to 25 points higher. Weather looks to support crop development in the 
short term. The daily export wire saw another 150,000 metric tons (mt) of meal 
sold to unknown for new crop delivery. Basis should remain mostly steady in the 
short term with support from spreads. The September chart resistance is the 
20-day moving average at $10.84 with support at the fresh low at $10.32 1/4 
scored yesterday with deeply oversold conditions just starting to ease.

WHEAT:

   Wheat futures are 11 to 13 cents higher with Minneapolis action leading 
Friday morning as wheat tries to extend the rebound from fresh lows at midweek 
with broader support from world values so far with trade edging back off the 
highs of the session at midday. U.S. winter wheat harvest should continue to 
wind down, with Northern Hemisphere harvest expanding overall with spring wheat 
to remain in good shape in the U.S. with some warmer drier weather in the 
forecast extending into Canada. The dollar remains at the bottom end of the 
range with light strength so far while MATIF values are sharply higher so far 
Friday. On the KC September chart, resistance is the 20-day moving average at 
$5.78, which we have tested Friday morning, 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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