DTN Midday Grain Comments 06/22 10:55

DTN Midday Grain Comments 06/22 10:55 Grains Are Mixed at Midday Corn is 3 to 4 cents lower, soybeans are narrowly mixed, and wheat is 4 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 3 to 4 cents lower with trade pulling back to open the week with no major weather issues short term, along with how much trade progress materializes as confirmed sales. The forecast continues to look wet short term for most, with excessive heat remaining limited as well. The ethanol margins remain stable with driving demand continuing to rebuild, running just above 80% of normal. Weekly export inspections were strong again at 1.295 million metric tons. Weekly crop progress should show steady conditions with emergence near complete. Basis should remain fairly flat. On the July contract support is the 20-day at $3.27 which we tested before bouncing, and resistance the fresh high at $3.34 1/2 last week, and touched Tuesday. SOYBEANS Soybean trade is narrowly mixed at midday with fresh bullish news likely needed to push to new highs for the move. Meal is narrowly mixed and oil is 15 to 25 points lower. 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. Weekly export inspections remain soft at 254,929 metric tons. Weekly crop progress should show only double-crop planting left, with steady conditions. The July soybean chart resistance is the upper Bollinger Band at $8.83, and at support the 20-day at $8.61. WHEAT Wheat is 4 cents lower to 2 cent higher overnight with winter wheat leading as harvest will likely pause for most short term. Harvest continues to work north towards I-70 where conditions are dry after broad coverage in Kansas, with little change in Russian and European weather. Rains for the Dakotas look lighter in the short term, with mixed progress so far. The ruble remains in the recent range vs. the dollar with U.S. export competitiveness limited still. Kansas City is at a 52-cent discount to Chicago on the July, while Minneapolis is back to a 38 cent premium. Weekly export inspections were decent at 613,052 metric tons. Weekly crop progress should show harvest progress remaining close to average, with steady conditions for spring and winter wheat. The July Kansas City chart support is the lower Bollinger Band at $4.24, 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.