DTN Midday Grain Comments 07/14 11:27

DTN Midday Grain Comments 07/14 11:27 All Grains Higher at Midday Trade remains lightly higher at midday, fading from early strength. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 150 points. The interest rate products are higher. The dollar index is 2 points lower. Energies are mixed with crude up 0.80. Livestock trade is mixed with cattle higher. Precious metals are mixed with gold down $13. CORN Corn trade is 2 to 4 cents higher at midday with trade backing away from the early dime higher trade with the heat in the extended forecast potentially moderating for the second week.The forecast continues to show major heat for next week with the longevity of the event varying from forecast to forecast. Ethanol margins have narrowed but remain strong for producers. Basis trade has remained fairly steady this week. The weekly export sales were good at 667,800 metric tons of old crop, and 687,800 of new crop. Chart support on the December is the 10-day at $3.62, with resistance the 20-day at 3.85. SOYBEANS Soybean trade 1 to 4 cents higher at midday with trade setting back from nearly 20% higher trade overnight with the more moderate forecast. Meal is $2.00 to $3.00 higher and oil is 40 to 50 points higher. Some areas have received benefical rains this week, which should support better near-term growth. Spread trade has been steady this morning keeping the Aug/Nov inverse at 18-19 cents. Weekly export sales were OK at 364,200 metric tons of old crop, 547,000 of new crop, 136,100 of old crop meal, 51,000 of new crop meal, 48,700 of old-crop oil, and 6,000 of new-crop oil. On the November soybean chart, trade is back above the 20-day at 11.03, which is the highest major moving average. WHEAT Wheat trade is 1 to 3 cents higher across the the three contracts at midday following the lead of the row crops and seeing support from the dollar trying fade this morning. Harvest should continue to move along with some isolated weather delays in the Northern Hemisphere with yields remaining strong. Western Europe has some quality concerns to go along with the low protein in much of the U.S. HRW crop. The weekly export sales were disappointing at 317,700 metric tons. The Kansas City December chart support is at the $4.43 10-day moving average with the 20-day at 4.59 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.