DTN Midday Grain Comments     07/01 10:52

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

   Corn futures are 2 to 3 cents lower; soybean futures are 2 to 3 cents lower; 
wheat futures are flat to 8 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower; soybean futures are 2 to 3 cents lower; 
wheat futures are flat to 8 cents higher. The U.S. stock market is mixed with 
the S&P 10 points lower. The U.S. Dollar Index is 1 point higher. The interest 
rate products are weaker. Energy trade is mixed with crude .20 higher and 
natural gas .09 lower. Livestock trade is weaker with cattle the downside 
leader. Precious metals are firmer with gold up 45.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with fresh lows being scored 
for the move before seeing a little better action during the day session as we 
got more oversold overnight. On the report Monday, we saw stocks at 4.644 
billion bushels (bb) versus 4.641 bb expected and acres at 95.203 million acres 
(ma) versus 95.35 ma expected. Ethanol margins have shown little change in 
recent days with summer demand likely to shrink inventories. Short-term weather 
may trend warmer, but moisture continues to look mostly adequate with the 
weekly report showing 73% good to excellent, up 3% and 5% very poor to poor 
with 8% silking versus 6% on average. The daily wire was quiet again today. 
Basis looks to remain rangebound as the July contract goes into delivery. On 
the September chart, the 20-day moving average at $4.20 is resistance with the 
fresh low at $4.01 1/4 as support.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower at midday with meal weakness 
continuing to drag trade lower as it gets even more deeply oversold. Oil gains 
are picking up during the day session with meal down 1.00 to 2.00 lower and oil 
is 55 to 65 points higher. On the report, we saw 1.008 bb versus 980 mb 
expected with acres at 83.380 ma versus 83.655 ma expected. Weather should 
generally remain good for development short term with good to excellent 
unchanged at 66% and 7% very poor to poor, with 17% blooming versus 16% on 
average, and 3% setting pods versus 2% on average. Basis should remain steady 
to softer near term with crusher margins still struggling. The daily wire was 
quiet after the recent action. On the September chart, support is the fresh low 
at $10.05 3/4 with resistance the 20-day moving average at $10.29.

WHEAT:

   Wheat futures are flat to 8 cents higher with Chicago action leading as 
trade works to come off the lows as harvest moves forward and the cheaper 
dollar adds support. On the report, we saw stocks at 851 mb versus 836 mb 
expected, and acres were 45.478 ma versus 45.438 ma expected, so no major 
changes. The hard red wheat areas should start to catch up somewhat this week 
with the weekly report showing winter wheat harvest at 37% versus 42% on 
average, with good to excellent 1% lower to 48%, and 20% very poor to poor. 
Spring wheat declined 1% to 53% good to excellent, and 14% very poor to poor 
with 38% headed versus 37% on average. MATIF wheat is a bit firmer as well. On 
the KC September chart, resistance is the 20-day moving average at $5.50, with 
the lower Bollinger Band at $5.25 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




(c) Copyright 2025 DTN, LLC. All rights reserved.