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DTN Midday Grain Comments     07/23 10:49

   Corn, Soybean, Wheat Futures All Higher at Midday

   Corn futures are 5 to 6 cents higher at midday Tuesday; soybean futures are 
9 to 15 cents higher and wheat futures are 3 to 4 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents higher at midday Tuesday; soybean futures are 
9 to 15 cents higher and wheat futures are 3 to 4 cents higher. The U.S. stock 
market is firmer at midday with the S&P 20 higher. The U.S. Dollar index is 15 
points higher. The interest rate products are firmer. Energy trade has crude 
1.80 lower and natural gas .06 lower. Livestock trade is firmer. Precious 
metals are mixed with gold up 11.00.

CORN:

   Corn futures are 5 to 6 cents higher at midday with early two-sided trade 
giving way to broad buying during the day session as we push past nearby 
resistance. Ethanol margins will continue to narrow a little if unleaded 
continues to soften while corn holds off the lows of the range. Warmer and 
drier weather should hang around into next week. Basis action should remain 
sideways into late month. The daily export wire saw 200,000 metric tons sold to 
unknown for new crop. Weekly crop progress showed good to excellent 1% lower to 
67% good to excellent, and 10% poor to very poor, with 61% silking vs. 56% on 
average, and 17% in the dough vs. 11% on average. On the September chart the 
20-day at $4.03 1/2 is resistance which we are just above at midday with the 
fresh low at $3.89 1/2 as support with the lower Bollinger Band at 3.80 as the 
next level down.

SOYBEANS:

   Soybean futures are 9 to 15 cents higher at midday with mixed spread action 
as the August contract heads towards delivery with meal leading product values 
so far as it eases oversold conditions. Meal is 1.50 to 2.50 higher and oil is 
30 to 40 points higher. Weather looks to support crop development short term 
with drier weather for much of the belt in the extended forecast along with 
heat as we head towards pod fill season. The daily wire was quiet today. Weekly 
crop progress showed conditions unchanged 68% good to excellent, and 8% poor to 
very poor with 29% setting pods vs. 24% on average, with 65% blooming versus 
60% on average. Basis should remain mostly steady short term with support from 
spreads. The September Chart resistance is at the 20-day moving average at 
$10.78 which we are testing at midday with support at the fresh low at $10.32 
1/4 scored last week with oversold conditions easing.

WHEAT:

   Wheat futures are 3 to 4 cents higher with trade just short of nearby 
resistance with early weakness firming back during the day session. US winter 
wheat harvest should continue to wind down with 76% complete vs. 72% on 
average, with northern hemisphere harvest expanding overall with spring wheat 
rated at 77% good to excellent, and 5% poor to very poor showing no change with 
89% headed vs. 90% on average in the US with some warmer drier weather in the 
forecast extending into Canada to push the crop along. The dollar remains at 
the bottom end of the range with light strength so far while Matif values pull 
back a little. On the KC September Chart resistance is the 20-day at $5.76 1/2 
which we are just short of at midday, with the fresh low at 5.45 3/4 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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