DTN Midday Grain Comments 06/18 10:58

DTN Midday Grain Comments 06/18 10:58 Grains Are Mixed at Midday Corn is 1 to 2 cents higher, soybeans are 1 to 3 cents higher, and wheat is 4 cents lower to 4 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is weaker with the Dow 65 points lower. The dollar index is 15 points higher. Interest rate products are firmer. Energies are firmer with crude $0.60 higher. Livestock trade is mostly lower. Precious metals are mixed with gold down $8.00. CORN Corn trade is 1 to 2 cents higher at midday with trade looking to challenge the upper end of the range again after the rebound yesterday. The forecast continues to look wetter after today, with heat fading until the second week for most. The ethanol margins remain stable with driving demand looking to edge higher this week. Basis should remain fairly flat. Weekly export sales remain fairly flat at 357,800 metric tons of old crop, and 114,800 of new. On the July contract support is the 20-day at $3.25 which we tested before bouncing yesterday, and resistance the fresh high at $3.34 1/2 last week, and touched Tuesday. SOYBEANS Soybean trade is 1 to 3 cents higher with trade working to push the top end of the range higher with rumors of export demand shifting back to the US from Brazil with front-end spread trade firmer. Meal is $1.00 to $2.00 higher, and oil narrowly mixed. 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. Weekly export sales were mixed at 538,100 metric tons of old crop, 1.38 million metric tons of new, 124,000 of old meal, 58,000 of new, and 6,400 of oil. The July soybean chart resistance is the upper Bollinger Band at $8.83, and at support the 20-day at $8.57. WHEAT Wheat is 4 cents lower to 4 cents higher at midday with spring wheat trade leading action with winter wheat likely to continue to battle harvest pressure. Harvest continues to work north towards I-70 this week with rains potentially slowing action in some areas, 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 53-cent discount to Chicago on the July, while Minneapolis is back to a 35 cent premium. Weekly export sales were solid at 504,800 metric tons. The July KC chart support is the lower Bollinger Band at $4.32 which is where we closed, and resistance the 20-day at $4.53. 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.