DTN Midday Grain Comments 06/15 11:01

DTN Midday Grain Comments 06/15 11:01 Corn, Beans, Wheat All Lower at Midday Trade is lower across the board at midday with row crops leading. By David Fiala DTN Contributing Analyst General Comments U.S. stock market indices are higher with the DOW futures up 35 points. Interest rate products are lower. The dollar index is 30 points lower. Energies are mixed this morning. Livestock trade is mixed with cattle lower. Precious metals are mixed with gold down $1.70. CORN Corn futures are 4 to 6 cents lower at midday with trade following the lead of the soybeans lower as forecasts look a little less threatening this morning. The weather forecast continues to show the potential for hotter weather in the near term with better rain potential again at the beginning of next week. Ethanol futures are flat after record production of 1,013,000 barrels per day, up 7,000 per day from last week, with stocks 4.7% higher. On the July chart support is at the $4.27 10-day with the 20-day at $4.14 below that, with resistance at the high from Tuesday at $4.38. SOYBEANS Soybean futures are 8 to 12 cents lower at midday with trade fading back from the overnight strength with more optimistic weather forecasts and good rains in the northern belt. Meal is flat to $1 higher and oil is 65 to 75 points lower. Double-crop acres should be going in soon as wheat comes off fairly rapidly this week. 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. On the July soybean chart support is at the $11.60 10-day moving average which we have edged below at midday, then the 20-day at $11.18. Resistance is at the $12.08 1/2 high printed following the report. WHEAT Wheat futures are flat to 5 cents lower at midday following the lead of the row crops with support from the weaker dollar this morning. 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. Other Northern Hemisphere growing areas remain in good shape as well. On the chart, trade is back below the 20-day and lower moving average at $4.62 although it did test resistance this morning, 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.