DTN Midday Grain Comments 06/24 11:08

DTN Midday Grain Comments 06/24 11:08 Midday Grains Mixed Corn is 2 to 3 cents higher, soybeans are flat to 2 cents lower, and wheat is 3 cents lower to 3 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is weaker with the Dow 740 points lower. The dollar index is 45 points lower. Interest rate products are firmer. Energies are weaker with crude $2.15 lower. Livestock trade is weaker. Precious metals are mostly lower with gold up $1.00. CORN Corn trade is 2 to 3 cents higher at midday with light buying after the early week selling, and firmer spread action. The forecast has limited short term issues. The weekly ethanol report showed production up another 52,000 barrels per day, with stocks down another 312,000 barrels, keeping ethanol futures supported. Basis should remain fairly flat. On the July contract support is the lower Bollinger Band at $3.22, and resistance the 20-day at $3.28, which we have tested this morning. SOYBEANS Soybean trade is flat to 3 cents lower with trade coming off overbought conditions, with little other fresh news. Meal is flat to $1.00 higher, and oil is 35 to 45 points lower. The ral is weaker vs. the dollar this morning as well. 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 $8.85, and at support the 20-day at $8.64. WHEAT Wheat is 3 cents lower to 3 cents higher at midday with two sided action persisting as harvest should begin to make broader progress again, moving north of I-70. The ruble remains in the recent range vs. the dollar with U.S. export competitiveness showing slight improvement this week. Kansas City is at a 50-cent discount to Chicago on the July, while Minneapolis is back to a 34 cent premium. The July Kansas City chart support is the lower Bollinger band at $4.22, and resistance the 20-day at $4.49. 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.