DTN Midday Grain Comments 07/06 11:12

DTN Midday Grain Comments 07/06 11:12 Grains Lower Across the Board at Midday Selling pressure continues across the board with wetter forecasts. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures down 30 points. The interest rate products are mostly lower. The dollar index is 7 points higher. Energies are mixed with crude down 0.16. Livestock trade is mixed with cattle higher. Precious metals are mixed with gold up $11. CORN Corn trade is 10 to 12 cents lower at midday with finding additional selling pressure tied to heavy selling in the soybean trade along with better rains in Illinois and more forecasted for Iowa. Ethanol margins are benefitting from the cheap corn but the setback in energy prices has crimped blender margins. The weather forecast looks warmer, but Iowa looks to be in line for better rains in the near term carrying into Minnesota, Wisconsin and Michigan. The weekly crop progress and conditions report had conditions unchanged at 75% good to excellent, and 5% poor to very poor, unchanged on the week, with silking at 15% vs. 10% a year ago, and 13% on average. Chart support is now the fresh low at $3.46, and and the gap at $3.63 will be near term resistance. SOYBEANS Soybean trade is 30 to 36 cents lower at midday with trade continuing the heavy selling seen yesterday despite some commercial buying early on. Meal is $13.00 to $14.00 lower and oil is 60 to 70 points lower. Rains should help boost growth in the central/north central areas of the belt the next few days while warmer temperatures encourage growth. The weekly condition report had good to excellent at 70% and 7% poor to very poor down 2% from last week, with 22% blooming vs. 17% last year, and 16% on average. On the November soybean chart is the $10.42 morning low, with the 50-day at 10.77 now resistance. WHEAT Wheat trade is 7 to 12 cents lower at midday with spillover pressure from the row crops, and firm dollar, with the late buying interest seen yesterday absent today. Harvest progress should continue to roll on this week while other Northern Hemisphere growing areas will see harvest expanded especially in the Black Sea ares with good yields and quality so far. The weekly progress and condition report had winter wheat conditions unchaged at 62% good to excellent, and 8% poor to very poor, with harvest 58% complete vs. 55% on average, while spring wheat was unchanged at 72% good to excellent, and 9% poor to very poor, with 74% headed vs. 45% on average. On the KC December chart support is at the $4.28 1/2 lower Bollinger Band with resistance at $4.53, the 10-day moving average. 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.