DTN Midday Grain Comments 06/25 11:04

DTN Midday Grain Comments 06/25 11:04 Corn, Beans Lower at Midday Corn is 8 to 9 cents lower, soybeans are 8 to 9 cents lower, and wheat is 5 cents lower to 2 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is mixed with the Dow 60 points lower. The dollar index is 25 points higher. Interest rate products are firmer. Energies are mixed with crude $0.30 higher. Livestock trade is weaker. Precious metals are weaker with gold down $7.70. CORN Corn trade is 8 to 9 cents lower at midday with trade seeing selling amid broad weakness this a.m. and little fresh corn specific news with December scoring new lows. The forecast has limited short-term issues for now. Ethanol margins remain stable to improved with weaker corn prices. Weekly export sales remain mediocre at 461,700 metric tons of old crop, and 77,000 metric tons. Basis should remain fairly flat. On the July contract support is the fresh lows at $3.15, with resistance the lower Bollinger Band at $3.21. SOYBEANS Soybean trade is 7 to 9 cents lower at midday with the spillover pressure, stronger dollar, and little other fresh news. Meal is 1.50 to $2.50 lower and oil is 20 to 30 points lower. The ral is mostly steady 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. Weekly export sales were softer at 601,900 metric tons of old crop, and 560,700 of new, with meal at 70,200, and oil at 20,500 metric tons. The July soybean chart resistance is the upper Bollinger Band at $8.85, and at support the 20-day at $8.64, which we are testing at midday. WHEAT Wheat is 5 cents lower to 2 cents higher with trade likely to keep working sideways as harvest continues with the stronger dollar weighing on spring wheat. The ruble remains in the recent range vs. the dollar with U.S. export competitiveness slipping the last couple of days Kansas City is at a 55-cent discount to Chicago on the July, while Minneapolis is back to a 25 cent premium. Weekly export sales held up OK at 518,700 metric tons. 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.