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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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