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DTN Midday Grain Comments     06/21 11:03

   Soybean Futures Higher at Midday; Wheat Lower; Corn Mixed

   Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 7 
cents higher; wheat futures are 2 to 8 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 7 
cents higher; wheat futures are 2 to 8 cents lower. The U.S. stock market is 
softer at midday with the S&P 7 points lower. The U.S. Dollar Index is 30 
points higher. The interest rate products are weaker. Energy trade has crude 
.15 lower and natural gas .04 lower. Livestock trade is mostly lower. Precious 
metals are weaker with gold off 32.00.

CORN:

   Corn futures are narrowly mixed in quiet midday trade as we chop just above 
the recent lows after fading back Thursday. Ethanol margins should remain 
rangebound with corn and unleaded sideways overall. Warmer weather looks to 
carry through the end of the month with the east in line for spots of better 
moisture after recent dryness and the north and west wetter overall. Basis 
action should stay steady in the short term. Weekly export sales softened a bit 
at 511,400 metric tons (mt) old crop and 93,600 mt of new. On the July chart, 
the 20-day moving average at $4.50 is resistance with the Lower Bollinger Band 
as further support at $4.35, which we bounced from last week.

SOYBEANS:

   Soybean futures are 6 to 7 cents higher with trade seeing firmer spread 
action again as we try to rebound from the Thursday washout with meal leading 
the product complex so far. Meal is 5.50 to 6.50 higher and oil is narrowly 
mixed. Planting should wind down with the heaviest rains in the areas that are 
mostly complete with early development likely to stay mostly on track 
nationally. Weekly export sales were in line with expectations at 556,500 mt 
old crop; 84,000 mt new; meal at 178,800 old and 32,800 new; with large oil 
sales at 20,900 old crop and -400 of new. Basis should remain mostly steady in 
the short term. The July chart resistance is at the 20-day moving average at 
$11.91 with support at the lower Bollinger Band at $11.40.

WHEAT:

   Wheat futures are 2 to 8 cents lower with harvest pressure and oversold 
conditions edging to another set of fresh lows for the move heading towards the 
weekend. Plains weather should be mostly open in the short term to keep 
combines rolling while SRW in the east moves along quickly as well with the 
warmer and drier weather. The dollar is holding at the top of the range with 
MATIF action surrendering early gains again. Weekly export sales were solid at 
589,700 mt. On the KC July chart, resistance is the 20-day moving average at 
$6.65, with the fresh low at $5.84 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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