DTN Midday Grain Comments 08/01 11:17

DTN Midday Grain Comments 08/01 11:17 Corn, Soybean Futures Lower at Midday Soybean trade printed new lows for the move with corn down near its contract lows at midday. By David Fiala DTN Contributing Analyst General Comments U.S. stock market indices are higher with the DOW futures down 15 points. Interest rate products are higher. The dollar index is 13 points higher. Energies are lower with crude 1.30 lower. Livestock trade is sharply higher. Precious metals are mixed with gold .90 higher. CORN Corn futures are 6 to 8 cents lower at midday due to chart selling and spillover pressure from beans. Rains and more moderate temperatures are in the forecasts now versus more 100-degree temperatures that were in the forecasts last week. Ethanol margins for producers and blenders are under pressure with sliding energy markets. Export business will continue to be watched with U.S. origin at a price advantage to the rest of the world, and export inspections have stayed over 1 million tons, coming in at 1.14 million metric tons. The weekly crop progress report is expected to show steady conditions with progress remaining a bit ahead of normal. On the December contract support is the contract low at $3.33 1/4. Resistance is the 10-day moving average at $3.42; then the 20-day at $3.50. Our low today is within 2 cents of the contract low. Nearby September did print a new contract low by 1/4 cent today. SOYBEANS Soybean futures are 38 to 42 cents lower at midday with a more mild forecast helping trade to give back Friday's gains as new lows are marked this morning. Meal is $15 to $16 lower and oil is 55 to 65 points lower. Near-term weather looks non-threatening for the most part, but forecast agreement continues to be poor. The weekly condition and progress report is expected to show steady conditions with progress remaining ahead of normal. Export inspections were stronger at 671,154 metric trons. The daily export wire has been active lately, and continued sales will be needed to be announced to draw support back into the market, with another 391,000 metric tons announced for new crop this morning. On the November soybean chart support is at the new lows at $9.61, and the 200-day at $9.55 below that, while the 10-day at 9.92 is first resistance. WHEAT Wheat futures are flat to 5 cents higher across the three contracts at midday with light buying with support from the sliding Central European wheat crop. The heavy world and domestic supplies will continue to limit upside in wheat with Russian harvest moving along at a good clip. Lower acres for next will also be on the trade's mind with planting season for winter wheat not far off. The weekly progress report should show winter wheat nearing harvest completion, spring wheat conditions steady as harvest gets started. Export inpsections were improved at 662,373 metric tons. On the KC December chart support is at the $4.24 contract low. Resistance is at the 10-day and 20-day moving averages around $4.38-40 then the 50-day at 4.73. 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.