DTN Midday Grain Comments 07/11 11:35

DTN Midday Grain Comments 07/11 11:35 Grains Mixed at Midday Soybeans are higher at midday, while corn and wheat surrender early gains. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the DOW futures up 110 points. The interest rate products are higher. The dollar index is 30 points higher. Energies are mixed with crude down 0.25. Livestock trade is lower. Precious metals are higher with gold up $1. CORN Corn is 4 to 6 cents lower at midday with northern Corn Belt rains, and the strong dollar helping the early soybean assisted strength to fizzle. Ethanol margins are under some mild pressure this morning but remain strong for the producers. The extended forecast is showing heat for much of the belt, but it remains far enough out to keep the market from getting excited with rains expected for the central belt in the near term, The July WASDE report will be tomorrow, with the larger acreage number expected to offset South American production reductions, with the weekly report this afternoon expected to keep conditions strong, and progress slightly above normal. Export inspections were good at 1.357 million metric tons. Chart support remains the recent low at $3.46, with resistance the 10-day at $3.69. SOYBEANS Soybean trade is 3 to 6 cents higher at midday with trade gapping higher to start before fading during the day session. Meal is $2 to $3 higher, and oil is 10 to 20 points higher. Weather premium from the warmer and drier extended forecast is coming back into the market with some near term rains. The report tomorrow should keep strong yields in place, but reduced world production may keep the carryout estimates from changing much. The weekly condition and progress report should keep conditions fairly steady with progress slightly ahead of normal. The weekly export inspections were improved at 374,016 metric tons. On the November soybean chart support is at the $10.21 recent low with resistance at the 10.80 50-day moving average, with trade holding the gap at 10.60 right now. WHEAT Wheat trade is 1 to 7 cents lower with Minneapolis wheat showing the most strength this morning. Harvest should continue to move along with some isolated weather delays in the northern hemisphere. The WASDE report is expected to reiterate burdensome domestic and world stocks of wheat. The weekly condition and progress report is expected to keep conditions steady with progress remaining ahead of normal. The weekly export inspections were softer at 375,279 metric tons. On the Kansas City December chart support is at the $4.24 contract low reached Wednesday with resistance at the $4.45 10-day moving average, which we testedovernight. 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.