DTN Midday Grain Comments 06/22 11:26

DTN Midday Grain Comments 06/22 11:26 Grains Lower at Midday on Tuesday Trade is mixed at midday with consolidation following the Tuesday break. By David Fiala DTN Contributing Analyst General Comments U.S. stock market indices are higher with the DOW futures up 20 points. Interest rate products are lower. The dollar index is 17 points lower. Energies are lower this morning with crude down $.40. Livestock trade is mixed. Precious metals are mixed with gold down $2.90. CORN Corn futures are flat to 2 cents higher at midday with position-squaring following the big break the past two days. Overnight we found support at the 50-day moving average which was nearly 45 cents below the highs printed last week. This is quite a break and brings us back to the middle of our 2016 trading range of about 90 cents. Trade will continue to watch from forecast to forecast with some concern about above normal temperatures continuing. The weekly ethanol production report showed production down 5% after record production last week, while stocks were down .3%. Ethanol is up 2 cents following the weekly EIA numbers at midday with unleaded down a penny due to weaker crude oil trade. On the December chart the 50-day at $4.05 3/4 is support which is also our low today. Resistance is at the $4.26 20-day. SOYBEANS Soybean futures are 4 to 8 cents higher at midday with some light buying surfacing after the early week pressure. Meal is flat to $1 lower and oil is 30 to 40 points higher. Upside momentum appears to have stalled. The forecast should boost growth with planting effectively wrapped up for first crop soybeans with the forecast showing better moisture for double crop areas this weekend. Heat looks to be more confined to the west for now. Ahead of the month-end report, more speculation about greater soybean acres should surface with the price spreads this spring. On the November soybean chart support is the 20-day moving average at $11.15, with resistance now the 10-day at $11.39. WHEAT Wheat futures are narrowly mixed across the three contracts at midday, with direction from the row crops providing some light support with harvest pressure likely building late in the session. Trade put in new contract lows again this morning on the KC contract. The winter wheat harvest will move along fast this week with warm weather and limited moisture for most of the belt, and yields have been very strong so far. World conditions remain good for the most part with India likely returning to the import market this summer. On the July KC chart the 10-day and lowest major moving average is resistance at $4.56 with support at the $4.33 3/4 contract low. 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.