DTN Midday Grain Comments 06/23 10:55

DTN Midday Grain Comments 06/23 10:55 Grains Mixed at Midday Corn is 2 to 4 cents lower, soybeans are flat to 3 cents lower, and wheat is 4 cents lower to 3 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is firmer with the Dow 245 points higher. The dollar index is 55 points lower. Interest rate products are mixed. Energies are firmer with crude $0.45 higher. Livestock trade is firmer with cattle sharply higher. Precious metals are firmer with gold up $16.00. CORN Corn trade is 2 to 4 cents lower at midday with trade pushing into support with improved conditions and a non-threatening forecast, along with the trade concerns round trip last night with notable spread strength today. The forecast continues to look wet short term for most, with excessive heat remaining limited into July. The ethanol margins remain stable with driving demand continuing to rebuild, running just above 80% of normal. Weekly crop progress showed good to excellent at 72%, up 1% with 5% poor to very poor, with 2% silking same as average with planting and emergence ruled complete. Basis should remain fairly flat. On the July contract support is the 20-day at $3.27 which we are testing this morning, and resistance the upper Bollinger Band at $3.34. SOYBEANS Soybean trade is flat to 3 cents lower at midday with trade well off the overnight trade scare lows and another 120,000 metric tons of new crops sales announced to China. Meal is flat to $1.00 higher, and oil is 5 to 15 points lower. The ral has gained a little vs. the dollar, holding the upper end of the recent range with broad dollar selling to start the week. Crush margins have seen little change in recent days. Weather should remain mostly a non-issue for soybeans for the moment. Weekly crop progress showed 70% good to excellent, and 5% poor to very poor, with 96% planted vs. 93% on average, 89% emerged vs. 85% on average, and 5% blooming same as average. The July soybean chart resistance is the upper Bollinger Band at $8.85, and at support the 20-day at $8.63. WHEAT Wheat is 5 cents lower to 2 cents higher at midday with trade continuing to work the lower end of the range with harvest pressure ongoing even with a few delays creeping in. Harvest continues to work north towards I-70 where dry after broad coverage in Kansas, with little change in Russian and European weather. The ruble remains in the recent range vs. the dollar with US 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 crop progress showed winter wheat harvest at 29% vs. 26% on average, with 96% headed vs. 97% on average, and 52% good to excellent, and 17% poor to very poor. Spring wheat was 12% headed vs. 22% on average, with 76% good to excellent, down 5% with 5% poor to very poor. The July Kansas City chart support is the lower Bollinger Band at $4.22, and resistance the 20-day at $4.50. 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.