DTN Midday Grain Comments 07/18 12:24

DTN Midday Grain Comments 07/18 12:24 Grains Mixed at Midday Corn and wheat are flat to higher at midday, soybeans lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 15 points. The interest rate products are higher. The dollar index is 10 points higher. Energies are lower with crude up .90. Livestock trade is mixed. Precious metals are mixed with gold up $0.50. CORN Corn trade is 1 to 2 cents higher at midday with light two sided trade so far; the trading range has been 9 cents. The forecast continues to fluctuate with major heat expected this week with a less active rain pattern after this system wraps up early this week. The extreme temps seem to have moderated a bit in the outlook but will still be around. Ethanol margins have narrowed but remain good for producers while blenders struggle with the weaker rbob prices in relation to ethanol. The weekly export inspections were good again at 1.327 million metric tons. This afternoon the weekly crop conditions are expected to remain steady and progress remain slightly ahead of normal. On the December contract December support is at $3.46, the contract low, with resistance at the 20-day at $3.76. the 10-day is at $3.58 1/2 which we are slightl above at midday. SOYBEANS Soybean trade is 3 to 6 cents lower at midday, meal is $1 lower and bean oil down 10 pionts. November beans have seen a range of a few pennies higher to around 25 cents lower. Active two sided trade is expected this week with the market watching the heat this week and extended forecasts. Moisture has eased some concern with the recent rains to help the crop through some heat. Export activity should remain good with U.S. offers a strong discount to Brazil. Spread trade is hanging around the 15-18 cent range. The weekly export inspections were 367,380 metric tons, which is in line with seasonal norms. The weekly crop conditions are expected remain steady, with progress running just ahead of normal. On the November soybean chart, support is the recent low at $10.21, with resitance the 10-day moving average at $10.64. WHEAT Wheat trade is flat to 5 cents higher across the three contracts at midday, with light short covering so far today, which trade shaking off the row crop action and the stronger dollar so far. Harvest should continue to move along with expections for the continental European crop being reduced after excessively wet weather. Wheat should remain more competitive in the feed market, which should eventually help to work the excessive stocks lower. Export inspections were mediocre at 439,484 metric tons. Weekly crop progress is expected to show steady to lower spring wheat conditions, and above normal progress. The the Kansas City December chart support is at the $4.24 contract low with resistacne at the $4.43 10-day moving average then the 20-day at 4.52. 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.