DTN Midday Grain Comments 06/17 11:04

DTN Midday Grain Comments 06/17 11:04 Grains Mixed at Midday Corn is 3 to 4 cents lower, soybeans are flat to 1 cent higher, and wheat is 2 to 9 cents lower. David Fiala,DTN Contributing Analyst The U.S. stock market is weaker with the Dow 75 points lower. The dollar index is 30 points higher. Interest rate products are firmer. Energies are mixed with crude $0.40 lower. Livestock trade is mixed with feeder cattle leading. Precious metals are mixed with gold down $5.50. CORN Corn trade is 3 to 4 cents weaker at midday with trade fading as the relief rains draw closer for the western belt, and other fresh bullish news remains lacking. The forecast continues to look wetter after today, with heat fading until the second week for most. The weekly ethanol report showed production up 4,000 barrels a day, while stocks were down 456,000 barrels with driving demand looking to be off to a good start for the week. Basis should remain fairly flat. On the July contract support is the 20-day at $3.25 which we are testing at midday, and resistance the fresh high at $3.34 1/2 last week, and touched Tuesday. SOYBEANS Soybean trade is 1 to 2 cents higher with trade remaining rangebound with little fresh news this week from either exports or weather but trade able to bounce off a test of resistance. Meal is flat to $1.00 lower, with oil flat to 10 points higher. The ral has slipped back to 19 on the index but remains well off the lows. Crush margins have seen little change in recent days. Weather should remain mostly a non-issue for soybeans for the moment. The July soybean chart resistance is the upper Bollinger Band at $8.80, and at support the 20-day at $8.55. WHEAT Wheat is 2 to 9 cents lower with harvest pressure building on winter wheats with Kansas City at the recent lows again today as we trend towards oversold conditions. Harvest continues to work north towards I-70 this week, with little change in Russian and European weather. The ruble remains in the recent range vs. the dollar with U.S. export competitiveness limited still. Kansas City is at a 57-cent discount to Chicago on the July, while Minneapolis is back to a 24 cent premium. The July Kansas City chart support is the lower Bollinger Band at $4.34 which we are just below at midday, 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.