DTN Midday Grain Comments     07/31 10:48

   Corn, Wheat Futures Lower at Midday Friday; Soybeans Mixed

   Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 
narrowly mixed; wheat futures are 20 to 27 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 
narrowly mixed; wheat futures are 20 to 27 cents lower. The U.S. stock market 
is mixed at midday with the S&P 12 points lower. The U.S. Dollar Index is 30 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude up 2.05 and natural gas .03 cents lower. Livestock trade is firmer. 
Precious metals are sharply lower with gold off 54.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with trade fading into nearby 
support levels with mixed spread action as rains work through the center of the 
Corn Belt and other fresh news remains limited. Ethanol margins should continue 
to support strong production runs. Weather looks to warm a little for most into 
August with this week's moisture providing a buffer. 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 as we've slid with $4.40 the next 
level of support, which we are testing at midday.

SOYBEANS:

   Soybean futures are narrowly mixed with light, two-sided trade at midday 
with product weakness continuing as weather holds the short-term improvements 
and we wait for further clarity on China trade into fall. Meal is 2.00 to 3.00 
lower and oil is 100 to 110 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 as rains likely slow for a 
bit after Friday. The daily export wire saw 252,000 metric tons of new-crop 
soybeans sold to unknown destination. On the September contract, chart 
resistance is the 20-day moving average at $11.95 with support the Lower 
Bollinger Band at $11.54.

WHEAT:

   Wheat futures are 20 to 27 cents lower at midday with Thursday's gains being 
erased as we ease back toward the early week levels after the spike failed to 
hold Thursday. Spring wheat areas should see harvest expand out of the weekend 
with winter wheat harvest just about wrapped up for the year. Matif wheat is 
fading again as we continue to watch for Black Sea shipping developments with 
premium exiting for now. On the KC September chart, support is the 20-day 
moving average at $7.05 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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