DTN Midday Grain Comments 06/08 11:17

DTN Midday Grain Comments 06/08 11:17 Grains Mixed at Midday Corn is flat to a penny higher, soybeans are 4 to 5 cents lower, and wheat is 3 cents lower to 1 cent higher. David Fiala,DTN Contributing Analyst The U.S. stock market is higher with the Dow 240 points higher. The dollar index is 15 points lower. Interest rate products are higher. Energies are weaker with crude down $1.20. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $17. CORN Corn trade is flat to a penny higher to open the week, edging deeper into resistance levels with new highs scored for the move with steady spread action before fading a bit towards midday. Ethanol margins remain stable with improvements with driving demand stable over the weekend. Rains are expected to tomorrow for much of the belt. Basis will likely be flat to open the week. Weekly export inspections remained solid at 1.1 million metric tons. Weekly crop progress is expected to show planting effectively wrapped up, with conditions likely to remain steady. On the July contract, support is the 20-day at $3.22, and resistance the fresh high at $3.34 1/2 scored today. SOYBEANS Soybea trade is 4 to 5 cents lower with trade pulling back from recent highs with trade a bit overbought, and with little fresh news other than the real holding strength. Meal is flat to $1.00 lower and oil is flat to 10 points lower. South America continues to move soybeans on to the export market as harvest winds down with the ral gaining vs. the dollar again overnight with May being another record for shipments. Crush margins remain solid for the time being. Weekly export inspections were disappointing at 213,047 metric tons. Weekly crop progress should keep planting pace above average, with conditions steady to slightly higher. The July soybean chart resistance is the upper Bollinger Band at $8.68 that he have faded from this a.m., with support the 20-day at $8.47. WHEAT Wheat is 3 cents lower to 1 cent higher with Minneapolis action holding up the best at midday with the overall choppy action continuing with harvest continuing to expand on the Plains. The Plains look to remain mostly dry near term with heat fading a bit this week, with little change in Europe and Russia. Kansas City is at a 52-cent discount to Chicago on the July with narrow action today, while Minneapolis is back to a 9 cent premium. Weekly export inspections remained rangebound at 432,919 metric tons. Weekly crop progress should show harvest pace near average for winter wheat, with conditions slightly lower, while spring wheat conditions remain steady with planting wrapped up. The July Kansas City chart support is the 20-day at $4.57, with resistance the upper Bollinger Band at $4.76. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2020 DTN, LLC. All rights reserved.