DTN Midday Grain Comments 06/09 11:01

DTN Midday Grain Comments 06/09 11:01 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 All Grains Lower at Midday Corn is 4 to 5 cents lower, soybeans are 3 to 4 cents lower, and wheat is 3 to 8 cents lower. The U.S. stock market is weaker with the Dow 240 points lower. The dollar index is 38 points lower. Interest rate products are firmer. Energies are flat with crude down $0.10. Livestock trade is mixed. Precious metals are firmer with gold up $20. CORN Corn trade is 4 to 6 cents lower at midday with trade fading from the highs amid overbought conditions and little fresh bullish news. Ethanol margins remain stable with driving remaining on the recent plateau. Rains are expected today for much of the belt before trending drier again. Basis has started the week steady. Weekly crop progress put planting at 97% vs. 94% on average, emergence at 89% vs. 78% on average, and conditions up 1% at 75% good to excellent, and 4% poor to very poor. On the July contract support is the 20-day at $3.22, and resistance the fresh high at $3.34 1/2 scored Monday. SOYBEANS Soybean trade is 2 to 4 cents lower at midday with trade fading back further from the highs with bullish news lacking with the dollar turning lower again to help trade find support. Meal is $0.50 to $1.50 lower and oil is 10 to 20 points higher. The ral has held against the dollar this a.m. Crush margins remain solid for the time being. Weekly crop progress put planting at 86% vs. 79% on average, emergence at 67% vs. 61% on average, and good to excellent up 2% to 72% good to excellent, and 4% poor to very poor. The export wire has been quiet to start the week. The July soybean chart resistance is the upper Bollinger Band at $8.68 that have faded from this a.m., with support the 20-day at $8.48. WHEAT Wheat is 3 to 8 cents lower with trade chopping along with harvest likely to continue building momentum short term with the higher protein wheats holding up better. The Plains look to remain mostly dry near term with heat fading a bit this week, with little change in Europe and Russia, although Russia is drier short term. Kansas City is at a 48-cent discount to Chicago on the July with narrow action so far today, while Minneapolis is back to a 14 cent premium. Weekly crop progress showed harvest 7% complete, same as average with 85% headed vs 88% on average, with good to excellent unchanged at 51%, and 19% poor to very poor. Spring wheat was 96% planted vs. 99% on average, with 81% emerged vs. 91% on average, and 82% good to excellent, up 2 percentage points and 1 percentage point poor to very poor. The July Kansas City chart support is the 20-day at $4.56, with resistance the upper Bollinger Band at $4.73. 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.