DTN Midday Grain Comments 07/13 10:55

DTN Midday Grain Comments 07/13 10:55 All Grains Trading Higher at Midday Trade is higher across the board at midday with concern about next week's heat. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 115 points. The interest rate products are higher. The dollar index is 5 points lower. Energies are mixed with crude up 1.40. Livestock trade is mixed. Precious metals are higher with gold up $1. CORN Corn trade is 11 to 14 cents higher at midday with trade building strength behind a warmer and drier forecast. The WASDE report had old crop carryout at 1.701 billion bushels below the average guess of 1.804, and vs. 1.708 last month, with new crop at 2.081 vs. an average guess of 2.2 billion on a yield estimate of 168 BPA, with world numbers at 206.9 million metric tons vs. 206.5 last month on old crop with 208.4 vs. 205.1 on new crop, with Brazilian production at 70 million metric tons down from 77.5 last month, and Argentina at 28.0 up fron 27.0 last month. The weekly ethanol production report was supportive with production up 2.0%, stocks down 1.9%, and gasoline demand down .86%. Chart support remains the recent low at $3.46, with resistance the 10-day at $3.62, which we have moved above this morning, with the 20-day at $3.88 the next round up. SOYBEANS Soybean trade is 23 to 28 higher at midday with trade building on the strong finish yesterday with the warmer and drier forecast, with meal $11 to $12 higher and oil 25 to 35 points higher. On the WASDE report, yield was left unchanged at 46.7 BPA, with old crop carryout at 350 million bushels vs. 370 last months, with new crop at 290 million vs. 260 last month, while the world number was 72.2 million metric tons vs. 72.3 last month, and new crop at 67.1 vs. 66.3 last month, with Brazilian production at 96.5 million metric tons vs. 97 last month, and Argentina unchanged at 56.5 million metric tons. On the November soybean chart trade is back above the 20-day at 11.03 overnight which is the highest major moving average. WHEAT Wheat trade is 4 to 8 cents higher at midday following the lead of the row crops with support from the weaker dollar as well. Harvest should continue to move along with some isolated weather delays in the northern hemisphere with yields remaining strong. The WASDE report continued to show large supplies with winter wheat production at 1.034 billion bushels vs. 968 million last month with yields of 53.9 BPA. Wheat carryout was 1.105 billion bushels up from 1.05 billion last month. World stocks were 244.52 million metric tons vs. 243 last month, and 253.7 on new crop vs. 257.8 million metric tons previously. The on the Kansas City December chart support is at the $4.43 10-day moving average with the 20-day at 4.61 the next round up. 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.