DTN Midday Grain Comments 06/13 11:24

DTN Midday Grain Comments 06/13 11:24 All Grains Higher at Midday Row crops are firmer ahead of the report, with wheat struggling. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are flat to lower with the Dow futures down 5 points. The interest rate products are lower. The dollar index is narrowly mixed. Energies are narrowly mixed. Livestock trade is mixed with cattle sharply lower. Precious metals are higher with gold up 10.00. CORN Corn trade jumped higher on the open last night, up around a dime, and trade has held the gains sitting 10 to 11 cents higher at midday. The weather forecast continues to show the potential for hotter and dryer weather in the extended forecast, with traders keeping a closer eye on the ongoing forecasts. Ethanol has edged higher this morning with blender margins still under pressure. The weekly export inspections were very strong at 1.696 million metric tons. The weekly crop progress is expected to show conditions fairly steady, with maturity indicators a bit ahead of normal. On the July chart support is at the $4.22 10-day with the 20-day at $4.10 below that, with resistance the upper bolliger band at $4.38 which we tested this morning. SOYBEANS Soybean trade is 4 to 11 cents higher this morning with soybean trade gapping higher as well with concerns about weather but it has faded well off the highs during the day session. Meal is $2 to $3 higher and oil is 15 to 25 points lower. There remains good near term rain potential for much of the northern belt with warm and dry temps elsewhere. The June 30 Planting Intentions report should add planted soybean acres to the equation which should start to be debated. Weekly export inspections remain soft at 136,506 metric tons. Weekly crop progress should keep conditions fairly steady, with planting and emergence ahead of normal. On the July soybean chart support is at $11.45 10-day moving average then the 20-day at $11.09. Resistance is at the $12.08 1/2 high printed following the report. WHEAT Wheat trade is flat to 3 cents higher across the three contracts at midday following the lead of the row crops. Winter wheat harvest will continue to accelerate this week with warm weather and limited moisture carrying progress well into central Kansas. Feed wheat will continue to get more competitive on the world market, which is needed with the big fundamental overhang. The weekly progress report is expected to show harvest normal or slightly ahead with conditions steady for winter and spring wheat, with spring wheat maturity well ahead of normal. On the chart, trade is back just above the 10-day at $4.72 overnight with the 20-day at $4.62 below that. The 100-day at $4.77 is resistance. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered trading adviser. David Fiala can be reached at dfiala@futuresone.com Follow David Fiala on Twitter @davidfiala (BAS) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.