DTN Midday Grain Comments 06/15 11:32

DTN Midday Grain Comments 06/15 11:32 Midday Grains Are Mixed Corn is 3 to 4 cents lower, soybeans are 3 to 5 cents lower, and wheat is 5 cents lower to 2 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is weaker with the Dow 300 points lower. The dollar index is 30 points lower. Interest rate products are higher. Energies are mixed with crude flat. Livestock trade is mixed. Precious metals are lower with gold down $9.50. CORN Corn trade is 3 to 4 cents lower at midday with choppy action continuing with more eyes turning towards weather for the second half of the month. The forecast is warm and dry near term for most, with a wetter second week. Ethanol margins have stabilized with driving demand still slowly improving. Basis should remain fairly flat. Weekly export inspections were inline with recent weeks at 910,495 metric tons. Weekly crop progress should show planting wrapped up with steady conditions. On the July contract support is the 20-day at $3.25, and resistance the fresh high at $3.34 1/2 last week. SOYBEANS Soybean trade is 3 to 5 cents lower at midday with choppy action continuing at the upper end of the range with another 390,000 metric tons of new crop soybeans sold to China. Meal is $0.50 to $1.50 lower and oil is flat to 10 points lower. The ral has slipped back below 20 on the index and is following the dollar lower today. Crush margins remain solid for the time being. Weekly export inspections remain soft at 376,323 metric tons. Weekly crop progress should show planting ahead of pace, and nearly complete with steady conditions. The July soybean chart resistance is the upper Bollinger Band at $8.75, and at support the 20-day at $8.53. WHEAT Wheat is 5 cents lower to 2 cents higher with trade back near support levels with winter wheat harvest likely to pickup stream this week. The plains look to remain mostly dry near term with heat returning to push harvest, with little change in Europe and Russia, although Russia is drier short term but overall concerns remain limited. The ruble remains in the recent range vs. the dollar. Kansas City is at a 58-cent discount to Chicago on the July, while Minneapolis is back to a 15 cent premium. World export tenders continue to be dominated by Russian offers. Weekly export inspections were range bound at 444,031 metric tons. Weekly crop progress should push harvest past 10% for winter wheat, with conditions steady otherwise, while spring wheat conditions should be steady with the early good conditions holding up. The July KC chart support is the lower Bollinger band at $4.38, and resistance the 20-day at $4.55. 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.