DTN Midday Grain Comments     08/03 10:51

   Corn, Wheat Futures Higher at Midday Monday; Soybeans Mixed

   Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 
narrowly mixed; wheat futures are 5 to 6 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 
narrowly mixed; wheat futures are 5 to 6 cents higher. The U.S. stock market is 
firmer at midday with the S&P 88 points higher. The U.S. Dollar Index is 4 
points higher. The interest rate products are firmer. Energy trade is weaker 
with crude off 4.00 and natural gas .02 cents higher. Livestock trade is firmer 
with cattle leading. Precious metals are lower with gold off 14.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday with trade firming back from 
the overnight lows with energies fading, along with weather threats easing in 
the short term. Ethanol margins should continue to support strong production 
runs even with unleaded pulling back Monday. The daily export wire was quiet to 
start the week with weekly export inspections strong at 1.885 million metric 
tons (mmt) with year-to-date pace at 118%. Weather looks to warm a little for 
most into August again with better rains lingering for much of the Corn Belt. 
Weekly crop conditions are expected to improve a bit with last week's rain with 
maturity remaining above normal. 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 the fresh low scored overnight at 
$4.35 as support.

SOYBEANS:

   Soybean futures are narrowly mixed with product values chopping along with 
oil trying to lead at midday, along with the new-crop export program continuing 
to pick up. Meal is .50 to 1.50 lower and oil is 60 to 70 points higher. Basis 
will likely ease as product action drifts along. Weather looks to show 
short-term improvement, but warmer conditions are expected into early August 
for many with recent and short-term rains better for most. Weekly crop progress 
is likely to show light improvement with maturity remaining ahead of normal. 
The daily export wire saw 136,150 metric tons (mt) of new crop sold to unknown 
and 488,000 mt to China to keep the pace active with weekly export inspections 
soft at 343,941 mt with year-to-date pace at 82%. On the September contract 
chart, resistance is the 20-day moving average at $11.95, with support the 
Lower Bollinger Band at $11.54 as support.

WHEAT:

   Wheat futures are 5 to 6 cents higher at midday with action firming back off 
the early selling as we try to consolidate the pullback seen last week with 
better support from the European action again. Spring wheat areas should see 
harvest expand out of the weekend with pace running ahead of average. Steady 
conditions are expected in the weekly report with winter wheat just about 
wrapped up for the year. Matif wheat is firmer to start the week. Weekly export 
inspections remained soft at 335,513 mt with year-to-date pace at 73%. On the 
KC September chart, support is the 20-day moving average at $7.09 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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