DTN Midday Grain Comments 06/10 11:11

DTN Midday Grain Comments 06/10 11:11 Mixed Grains at Midday Corn is 1 to 2 cents lower, soybeans are 2 to 3 cents higher, and wheat is flat to 2 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is mixed with the Dow 220 points lower. The dollar index is 6 points lower. Interest rate products are firmer. Energies are mixed with crude down $0.50. Livestock trade is weaker. Precious metals are firmer with gold up $1. CORN Corn trade is 1 to 2 cents lower at midday with trade fading back towards support in pre-report action with widespread rain across the belt overnight. The weekly ethanol report showed production up 72,000 barrels per day, with stocks down 674,000 barrels on the week. Basis has been flat for the most part with the daily wire quiet for exports. On the WASDE report, production and acres are expected to be left unchanged from last month, with old crop carryout at 2.154 billion bushel on old crop, and 3.318 billion on new crop. On the July contract support is the 20-day at $3.23, and resistance the fresh high at $3.34 1/2 scored Monday. SOYBEANS Soybean trade is 2 to 3 cents higher with support from currency gains as we continue to consolidate in the upper end of the range. Meal is .50 to 1.50 higher and oil is 15 to 25 points higher. On the WASDE report, yield and production is to be left unchanged, with old-crop carryout at 584 million bushels, and new crop at 459 million bushels. The ral has gained a bit against the dollar this a.m. Crush margins remain solid for the time being. The export wire has been quiet to start the week with processor basis mostly steady. The July soybean chart resistance is the upper Bollinger Band at $8.71, and at support the 20-day at $8.49. WHEAT Wheat is 1 to 2 cents higher at midday with Chicago trade leading at midday. 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 wider action so far today, while Minneapolis is back to a 16 cent premium. World export tenders continue to be dominated by Russian offers. The WASDE report is expected to show production at 1.852 billion bushels, with old crop carryout at 980 million bushels, and new crop at 904 million bushels. The July Kansas City chart support is the 20-day at $4.56, with resistance the upper Bollinger Band at $4.72. 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.