DTN Midday Grain: Prices Mixed

    Photo: University of Arkansas


    Corn is 1 to 2 cents lower, soybeans are narrowly mixed, and wheat is 3 cents lower to 3 cents higher.

    The U.S. stock market is lower with the Dow 130 points lower. The dollar index is 17 higher. Interest rate products are firmer. Energies are firmer with crude $0.77 higher. Livestock trade is mostly lower. Precious metals are mixed with gold up $22.00.


    Corn trade is 1 to 2 cents lower with trade remaining range bound with little fresh news to move the market. The ethanol margins should remain stable with demand continuing to edge higher short term. Warmer weather should return later this week with rain expected for much of the belt through today. Basis has been stable in recent days. Weekly export sales were solid at 1.07 million metric tons of old crop, and 554,400 of new crop. On the July contract, support is the lower Bollinger Band at $3.08, and resistance the 20-day at 3.18, which we remain below.


    Soybean trade is narrowly mixed with two-sided trade as gains fizzled again at midday with the ral remaining near the lows, and China securing 198,000 metric tons of soybeans, and 20,000 of oil. Meal is $1.00 to $2.00 lower and oil is 20 to 30 points lower. South America continues to move along harvest-wise with strong shipments out of Brazil likely to continue unless port issues redevelop. Weekly export sales were better at 655,500 metric tons of old crop, and 440,400 metric tons of new, with 101,400 metric tons of meal, and 6,700 of oil. The July soybean chart support is the lower Bollinger Band at $8.29, with resistance the 20-day at $8.43.


    Wheat trade is 3 cents lower to 3 cents higher with Minneapolis wheat holding up the best at midday with continued selling after the midweek washout. Russia and Europe look to have mostly average rainfall near term with France and Germany drier near term, and some reductions in production estimates by local sources. Kansas City is at a 52-cent discount to Chicago on the July with slightly wider action to start the week, while Minneapolis is back to a 10 cent premium. Weekly export sales were a bit softer at 203,500 metric tons of old crop, and 149,800 metric tons. The July Kansas City chart support is the $4.50 area, with the lower Bollinger band at $4.61 as resistance.

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