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DTN Midday Grain Comments 06/12 10:49
Corn, Soybeans, Wheat Futures All Higher at Midday Friday
Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 1
to 2 cents higher; wheat futures are 3 to 5 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 1
to 2 cents higher; wheat futures are 3 to 5 cents higher. The U.S. stock market
is firmer at midday with the S&P 50 points higher. The U.S. Dollar Index is 13
points lower. The interest rate products are weaker. Energy trade is weaker
with crude off 3.40 and natural gas up .03. Livestock trade is mostly lower
with hogs leading. Precious metals are firmer with gold up 125.00.
CORN:
Corn futures are 3 to 4 cents higher with another set of fresh lows scored
overnight before turned higher during the day session as we wait on world
events. On the report Thursday we saw little change, trendline yield stayed at
183.0 bushels per acre (bpa) with old-crop carryout at 2.145 billion bushels
(bb), virtually unchanged, and new-crop carryout at 1.960 bb, also virtually
unchanged. World stocks edged higher on South American production. Ethanol
margins look to hold the recent range even with unleaded fading a bit. Basis
continues to hold the recent range for now. Weather looks to keep concerns
limited with rains moving to the center of the Corn Belt with cooler weather
expected for most into next week. On the July chart, the 20-day moving average
at $4.46 3/4 is resistance with the fresh low at $4.08 1/2 as support, which we
scored overnight.
SOYBEANS:
Soybean futures are 1 to 2 cents higher at midday with meal leading the
product complex as we chop along the low end of the range. Meal is .50 to 1.50
higher and oil is 25 to 35 points lower. On the WASDE report, trendline yield
stayed at 53.0 bpa with old-crop carryout unchanged at 340 million bushels
(mb), and new-crop carryout at 310 mb and world stocks flat. Basis has started
to firm in some areas and crush margins look to be shifting a little toward
meal as oil momentum fades. On the July contract, chart resistance is the
20-day moving average at $11.68, with the fresh low scored Thursday at $11.08
1/2 as support.
WHEAT:
Wheat futures is 3 to 5 cents higher at midday with trade working to hold
light weekly gains into the weekend with row-crop spillover pressure easing a
bit. Harvest should continue to expand with the west drying out again in the
short term, which should keep the average pace well ahead of normal, while
spring wheat development should be aided by recent rains but cooler temps may
slow growth. On the report, we saw old-crop carryout at 935 mb, unchanged, and
new-crop carryout at 744 mb, down 18 mb with world stocks flat. Matif wheat is
lightly weaker with the firmer euro Friday. On the KC July chart, resistance is
the 20-day moving average at $6.56 with the recent low at $6.15 1/2 as support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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