DTN Midday Grain Comments 07/24 11:26

DTN Midday Grain Comments 07/24 11:26 Grains Mixed at Midday Corn is narrowly mixed, soybeans are 2 to 3 cents lower, and wheat is 5 to 9 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is weaker with the Dow down 145 points. The dollar index is 28 points lower. Interest rate products are mostly higher. Energies are weaker with crude down $0.10. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up $7.00. CORN Corn trade is narrowly mixed with trade looking for a spark for further buying after the midweek bounce. The forecast is expected to remain a non-issue short term. The ethanol margins remain soft with concerns about forward demand but tighter stocks will add support coming forward along with gasoline demand stabilizing and bouncing a little. On the September contract, trade continues to have resistance at the gap level from a week ago at $3.36, with the lower Bollinger Band at $3.15 as support. SOYBEANS Soybean trade is 2 to 3 cents lower with trade with sales again hitting the daily wire with another 252,000 metric tons to unknown, and 133,000 of meal to Philippines with buying restrained ahead of the weekend. Meal is narrowly mixed, and oil is 10 to 20 points lower. Crush margins have been led by oil in recent days. The real remains at the upper point of the recent range vs. the dollar but has faded slightly this a.m. Weather looks fairly non-threatening near term with early podfill coming soon. The August chart now has support at the 20-day at $8.90 which we got back above last week, with the upper Bollinger Band at $9.15 as resistance. WHEAT Wheat trade is 5 to 9 cents higher at midday with choppy trade continuing as the dollar works lower and trade tries to consolidate a range. The ruble remains in the recent range vs. the dollar though and Black Sea origin is still winning tenders with dollar needing to fall more before we see major excitement for US bookings headed east. Matif wheat has held the range as well with Continental estimates revised lower this week. KC is at an 89-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 which we are solidly above at midday, with the recent highs around $4.60 as the next resistance levels. 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.