DTN Midday Grain Comments 06/29 11:13

DTN Midday Grain Comments 06/29 11:13 All Grains Lower at Midday Trade is flat to lower at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 215 points. The interest rate products are mixed. The dollar index is 60 points lower. Energies are higher with crude up $1.20. Livestock trade is mixed. Precious metals are firmer with gold up $8.60. CORN Corn trade is 2 to 4 cents lower at midday with trade continuing to grind in the recent range with rains hitting parts of Iowa overnight with more expected this afternoon/evening. The forecast is cool in the near term with better rains called for the Kansas, Missouri, southern Illinois, and southern Indiana area that have been shortchanged recently. Ethanol production was up 40,000 barrels per day after the sharp set back last week, while stocks were 0.3 percentage points higher. Trade will continue to position for the report tomorrow, with acreage expected to be at 92.97 million acres and stocks at 4.58 billion bushels. On the December chart support is at the $3.90 3/4 100-day then the $3.82 1/2 low printed Friday. Resistance is the 200-day moving at $3.96, which we have edged above this morning, with the 50-day at $4.06 above that. SOYBEANS Soybean trade is flat to 3 cents lower at midday with some two sided trade this morning after intial pressure. Meal is $6 to $7 higher, and oil is 10 to 20 points lower. Better rains should help growth in some of the dry areas in the near term. On the report tomorrow, the average acre guess is at 83.84 million acres, with stocks at 829 million bushels. On the November soybean chart support is at the 50-day at $10.68, resistance is at the 20-day at 11.22. WHEAT Wheat trade is flat to 8 cents lower with harvest pressure continuing, more so on the Chicago trade this morning. The weaker dollar is adding some support. Harvest should continue to progress quickly with some limited disruptions from rain. Spring wheat conditions will have to be watched with a substantial set back in conditions the last two weeks, and a mixed weather forecat going forward. Russian harvest should continue to make good progress with generally good yields to start as well, keeping the global supply pressure building in the near term. The report is expected to be negative with all wheat acres at 49.86 million, and stocks of 982 million bushels. On the July Kansas City chart the 10-day and lowest major moving average is resistance at $4.31 with support at the $4.08 fresh 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.