DTN Midday Grain Comments 07/17 11:58

DTN Midday Grain Comments 07/17 11:58 Corn, Soybeans Higher at Midday Corn is 1 to 2 cents higher, soybeans are 3 to 4 cents higher and wheat is flat to 2 cents lower. David Fiala,DTN Contributing Analyst The U.S. stock market is mixed with the Dow down 40 points. The dollar index is 35 points lower. Interest rate products are mostly lower. Energies are mostly weaker with crude down $0.20. Livestock trade is mixed. Precious metals are firmer with gold up $12.00. CORN Corn trade is 1 to 2 cents higher at midday with trade trying to sustain buying after the struggles this week and close the week on an up note with export news quieting down. The forecast continues to show better rains with warmer than normal temps for most. The ethanol margins look to narrow coming forward with concerns about gasoline demand persisting with particular pressure on the back months. On the September contract, trade continues to have resistance at the gap level from Sunday night at $3.36, with the lower Bollinger band at $3.16. SOYBEANS Soybean trade is 3 to 4 cents higher at midday Friday with trade working back towards the $9.00 area and another 126,000 metric tons sold to unknown. Meal is mixed, with oil 40 to 50 cent higher. Crush margins remain fairly stable. The Brazilian real remains at the midpoint of the recent range versus the dollar. Weather looks fairly non-threatening near term with early podfill coming soon. The August chart now has support at the 20-day at $8.81, which we got back above Thursday, with the upper Bollinger Band at $9.06 as resistance. WHEAT Wheat trade is flat to 2 cents lower with quiet trade after the active start to the week and Northern Hemisphere harvest pushing forward with little new news. The Russian ruble remains in the recent range versus the dollar, with Black Sea wheat still winning tenders while yield concerns linger, although they have improved as combines move north. KC is at an 84-cent discount to Chicago with spreads stabilizing, while Minneapolis is back to a 20-cent discount. KC chart support is the 20-day at $4.44, with the upper Bollinger band at $4.60. 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.