DTN Midday Grain Comments 07/15 11:00

DTN Midday Grain Comments 07/15 11:00 Corn, Wheat Mixed at Midday Volatility remains the rule, trade hanging around flat at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 10 points. The interest rate products are higher. The dollar index is 45 points higher. Energies are mixed with crude up 0.20. Livestock trade is lower. Precious metals are lower with gold down $3. CORN Corn trade is narrowly mixed at midday with erratic trade continuing with a 17 cent range seen so far, with trade bouncing sharply off the overnight low. The forecast continues to show major heat for next week with the longevity of the event varying from forecast to forecast, along with the amount and placement of moisture. Some rains have fallen in the western belt this morning with more expected across the weekend. Ethanol margins have narrowed but remain strong for producers, while blenders struggle with the weaker rbob prices. Basis trade has remained fairly steady this week. Chart support on the December is the 10-day at $3.60 which we tested overnight, with resistance the 20-day at 3.82. SOYBEANS Soybean trade is 1 to 3 cents higher with a 46 cent range already as trade tries to decipher the forecast, with meal mixed and oil is 30 to 40 points higher. Rains through the weekend, should support continued growth and conditions into next week. Spread trade has widened overnight moving back towards 25 cents. The USDA announced 320,000 metric tons of new-crop soybeans sold to unknown. On the November soybean chart, support is the recent low at $10.21, with resistance the 10-day moving average at $10.71. WHEAT Wheat trade is narrowly mixed at midday with trade shrugging off the wild row crop action for the most part with the dollar shifting from weaker to stronger 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 On the Kansas City December chart support is at the $4.42 10-day moving average with the 20-day at 4.56 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.