DTN Midday Grain Comments     06/13 10:52

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

   Corn futures are flat to 3 cents higher at midday Friday; soybean futures 
are 19 to 22 cents higher; wheat futures are 9 to 13 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 3 cents higher at midday Friday; soybean futures 
are 19 to 22 cents higher; wheat futures are 9 to 13 cents higher. The U.S. 
stock market is weaker with the S&P 30 points lower. The U.S. Dollar Index is 
20 points higher. The interest rate products are weaker. Energy trade is 
sharply higher with crude 4.40 higher and natural gas .08 higher. Livestock 
trade is weaker with cattle the downside leader. Precious metals are mixed with 
gold up 43.00.

CORN:

   Corn futures are flat to 3 cents higher with firmer spread action as trade 
remains rangebound despite the broader strength in soybeans and wheat. On the 
WASDE report, we saw old-crop carryout at 1.365 billion bushels (bb) versus 
1.415 bb last month; new-crop at 1.750 bb versus 1.80 bb last month; yield 
unchanged; world stocks slightly lower. Ethanol margins are getting a boost 
from unleaded gains and longer-term biofuels optimism. Warmer weather is 
expected for most through midweek with good short-term rain coverage through 
the beginning of next week. Basis continues to hold the recent range. On the 
July chart, the 20-day moving average at $4.45 1/2 is resistance with the lower 
Bollinger Band at $4.27 as support.

SOYBEANS:

   Soybean futures are 19 to 22 cents higher with oil locked limit higher as 
higher-than-expected biodiesel targets accelerated the early gains post-Israeli 
airstrikes on Iran which initially boosted oil. Meal is 1.50 to 2.50 lower and 
oil is locked at 300 points higher. Biodiesel targets held at 3.35 billion 
gallons this year but go to 5.65 billion next year, and 5.86 billion the 
following year. On the WASDE report, old-crop carryout stayed at 350 million 
bushels (mb), the same as last month; new-crop carryout 295 mb; yield 
unchanged; world stocks edged slightly higher. Planting should be pretty well 
wrapped up with the warm stretch through midweek except for double-crop with 
growth catching up. Basis has softened at some major processors with the early 
roll to November bids. On the July chart, resistance is the 20-day moving 
average at $10.52, which we are sharply above at midday, with the lower 
Bollinger Band at $10.34.

WHEAT:

   Wheat futures are 9 to 13 cents higher with Chicago action leading with 
broad short-covering on the escalating world events and warmer Black Sea 
forecasts with the early dollar strength fading again. The WASDE report showed 
production unchanged at 1.921 bb with carryout unchanged on old-crop at 841 mb; 
new-crop down 25 mb to 898 mb; world stocks a little bit lower. The hard red 
wheat areas should start to see harvest move ahead as warmer temps aid maturity 
and readiness. Spring wheat should continue to catch up as we warm back up with 
good rain potential in the short term. MATIF wheat is solidly higher with the 
weaker euro. On the KC July chart, resistance is the 20-day moving average at 
$5.33, which we are just above at midday, with the Lower Bollinger Band at 
$5.17 the next round down.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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