DTN Midday Grain Comments 06/14 11:28

DTN Midday Grain Comments 06/14 11:28 All Grains Lower at Midday Trade is lower across the board at midday, led by soybeans. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are flat to lower with the Dow futures down 120 points. The interest rate products are lower. The dollar index is 60 points higher. Energies are lower this morning. Livestock trade is mixed. Precious metals are mixed with gold roughly unchanged. CORN Corn trade is 1 to 3 cents lower at midday with trade seeing some two sided action this morning after trade 8 lower overnight. The weather forecast continues to show the potential for hotter and dryer weather in the extended forecast, but rains working through in the near term. Ethanol has edged higher with blender margins still under pressure from sliding unleaded values relative to ethanol futures. The weekly crop progress showed conditions unchanged at 75% good to excellent, and 4% poor to very poor, with 96% emerged, 1 percentage point ahead of last year and 2 percentage points above normal. That was negative, and 1 percentage point moved to excellent from good. It appears the battle with the hot weather forecasts and good current crp condition promises to keep us volatile this week. The USDA announced 136,000 metric tons of corn sold to Japan split between old and new crop. On the July chart support is at the $4.24 10-day with the 20-day at $4.13 below that, with resistance at the high from yesterday at $4.38. SOYBEANS Soybean trade is 4 to 15 cents lower at midday with trade trading 20 lower at one point with selling tied to a strong condition report and rains falling in the western belt this morning. Meal is $1 to $2 lower and oil is 15 to 25 points lower. The extended forecast looks to remain very warm with mixed moisture. The June 30 Planting Intentions report should add planted soybean acres to the equation which should start to be debated into the second half of the month. Weekly crop progress had conditions 2% better at 74% good to excellent, and 4% poor to very poor, with planting 92% complete, 7% ahead of last year, and 5% ahead of average, with emergence at 79%, 7% ahead of last year and average. The USDA announced 110,000 metric tons sold to unknown for new crop. On the July soybean chart support is at $11.52 10-day moving average then the 20-day at $11.13. Resistance is at the $12.08 1/2 high printed following the report. WHEAT Wheat trade is 2 to 6 cents lower at midday with trade drifting lower 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 with early yields very strong. Feed wheat will continue to get more competitive on the world market, which is needed with the big fundamental overhang. The weekly progress report showed winter wheat at 61% good to excellent, and 9% poor to very poor, down 1 percentage point, with heading at 96%, 7% ahead of average, while harvest is at 11%, 7% behind average. Spring wheat conditions were unchanged at 79% good to excellent, and 2% poor to very poor. On the chart, trade is back below the 20-day and lower moving average at $4.62, with support now the lows at $4.40 again. 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.