DTN Midday Grain Comments 06/19 11:06

DTN Midday Grain Comments 06/19 11:06 Corn, Beans Higher at Midday, Wheat Mixed Corn is 1 to 2 cents higher, soybeans are 4 to 5 cents higher, and wheat is 2 cents lower to 2 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is firmer with the Dow 125 points higher. The dollar index is 12 points higher. Interest rate products are weaker. Energies are firmer with crude $1.20 higher. Livestock trade is mostly higher. Precious metals are firmer with gold up $26.00. CORN Corn trade is 1 to 2 cents higher at midday with broad strength as China has reportedly agreed to step up Ag purchases under the trade deal. The forecast continues to look wet short term for most, with heat fading for the next week. The ethanol margins remain stable with driving demand edging higher this week. Basis should remain fairly flat. On the July contract support is the 20-day at $3.25 which we tested before bouncing, and resistance the fresh high at $3.34 1/2 last week, and touched Tuesday. SOYBEANS Soybean trade is 4 to 5 cents higher with trade working to push the top end of the range higher with trade optimism adding support. Meal is $1.00 to $2.00 higher, and oil 35 to 45 points higher. The ral has slipped back to just below 19 on the index but remains well off the lows with the back months growing in competitiveness. 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 $8.83, and at support the 20-day at $8.57. WHEAT Wheat is 2 cents lower to 2 cents higher with harvest pressure likely to continue on the winter wheats into the weekend even as Kansas City leads at midday. 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. Rains for the Dakotas look lighter in the short term, but early conditions remain solid. The ruble remains in the recent range vs. the dollar with U.S. export competitiveness limited still. Kansas City is at a 51-cent discount to Chicago on the July, while Minneapolis is back to a 41 cent premium. The July Kansas City chart support is the lower Bollinger band at $4.27, and resistance the 20-day at $4.51. 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.