DTN Midday Grain Comments 06/13 11:25

DTN Midday Grain Comments 06/13 11:25 All Grains Higher at Midday Spring wheat leads trade higher at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow up 55 at midday. The interest rate products are mixed. The dollar index is 14 lower. Energies are mixed with crude down 0.40. Livestock trade is mixed. Precious metals are lower with gold down $3.20. CORN Corn trade is 3 cents higher at midday with trade following the lead of wheat and soybeans along with the forecast moving a shade drier for the western belt. The Eastern belt looks to see better coverage in the next 7 days so no definitive bullish or bearish weather. The second week pattern is still inconsistent; the market is watching forecasts closely. The weekly crop progress and condition numbers had the crop down 1% at 67% good to excellent and 8% poor to very poor. Emergence was at 94% which was the same as average and 1% behind last year. On the July contract resistance is at new high for the move at $3.91 1/2 printed on Thursday. Chart support is at the $3.77 10-day, then the 20-day at $3.74, we closed just above the 10-day. SOYBEANS Soybean trade is 5 to 8 cents higher at midday due to spillover support from wheat, a lower than expected condition number and light forecast changes. Meal is $2 to $3 higher and oil is 20 to 30 points higher. South America should continue to push bushels into the world export market but currency fluctuations could continue to rattle things. The initial condition number Monday afternoon was at 66% good to excellent; down a little more from the 74% number a year ago. Progress was at 92% planted which is 5% ahead of average with emergence at 77% which is 4% ahead of average. July beans have support at the 10-day at $9.24, with the 20-day at $9.37 nearby resistance which we are just above at midday then the 50-day at $9.53. WHEAT Wheat trade is 6 to 20 higher with Minneapolis seeing an 11 cent gap higher open last night on the declining crop conditions. Rains have eased some concern since yesterday the USDA condition report Monday afternoon, but some feel it is too late. Winter wheat harvest will expand this week with early yields continuing to be a bit disappointing. Protein will continue to be a major driver coming forward with the line between milling and feed wheat important. Western Europe looks to be warmer and drier in the near term as well. Crop progress had winter wheat at 50% good to excellent, and 16% poor to very poor, up 1%. The winter wheat harvest was at 17% versus 10% last year, and 15% on average. Spring wheat conditions were at 45% good to excellent versus 55% last week and 79% a year ago. Spring wheat progress was noted at 95% emerged, 3% above average. On the July Kansas City contract support is the 10-day at $4.39, with the 200-day at $4.50 is resistance again, which we are just above at midday. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.