DTN Grain Midday: All Grains Lower at Midday

Freshly harvest soybeans loaded in truck for transport to grain elevator. ©Debra L Ferguson

Corn is 4 to 5 cents lower, soybeans are 1 to 2 cents lower, and wheat is 5 to 7 cents lower.

The U.S. stock market is higher with the Dow 240 points higher. The dollar index is 8 points higher. Interest rate products are firmer. Energies are firmer with crude up $0.40. Livestock trade is mostly higher. Precious metals are firmer with gold up $10.

CORN

Corn trade is 4 to 5 cents lower with profit taking ahead of the long weekend with the forecast in flux. The forecast has limited short-term issues for now with warmth expected to continue into early July with a drier tinge for much of the belt as we go into pollination. Ethanol margins are stable today with gasoline demand showing further softness. Weekly export sales remain soft at 361,100 metric tons old, 262,700 of new, but China bought 202,000 metric tons of new crop. On the September contract, support is the 20-day at 3.34 with resistance the $3.53 3/4 highs.

SOYBEANS

Soybean trade is 1 to 2 cents lower at midday with China making purchases for new crop but light profit taking showing ahead of the weekend. Meal is narrowly mixed, and oil 5 to 15 points lower. The real is up slightly against the dollar, and at the midpoint of the recent range. Crush margins have seen little change in recent days.

Weather should remain mostly a non-issue for soybeans for the moment. Weekly export sales were disappointing at 241,700 metric tons old, 841,700 of new, 143,000 metric tons of old meal, 13,000 of new, and 2,800 of oil with 126,000 metric tons sold to China for new crop on the daily wire. The August soybean chart resistance is the $8.96 fresh high, with support the upper Bollinger Band at $8.81.

WHEAT

Wheat is 3 to 7 cents lower with choppy trade into a long harvest weekend. Little change has been seen in European and Russian weather with harvest expanding with most dryness in the harvest areas. The ruble remains in the recent range vs. the dollar with U.S. export competitiveness slipping the last couple of days. Kansas City is at a 58-cent discount to Chicago on the August, while Minneapolis is back to a 20 cent premium. Weekly export sales softened a bit to 414,300 metric tons of old crop, and 75,000 of new crop. The September Kansas City chart support is the lower Bollinger Band at $4.22, and resistance the 20-day at $4.47.

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