DTN Midday Grain Comments 06/12 11:35

DTN Midday Grain Comments 06/12 11:35 All Grains Lower at Midday Trade is lower across the board ahead of afternoon condition reports. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow down 45 at midday. The interest rate products are lower. The dollar index is narrowly mixed. Energies are higher with crude up 0.70. Livestock trade is sharply lower. Precious metals are lower with gold down $4.20. CORN Corn trade is 9 cents lower at midday with trade seeing selling ahead of today's crop progress reports along with further forward forecasts for summer. The extended forecast looks wetter in the extended run with general near term heat and dryness with some isolated storms today. Ethanol margins have narrowed but summer usage should keep run rates higher for now. The weekly export inspections were good at 1.041 million metric tons. Crop progress is expected to show a mild decline in conditions with a range of 4% lower to 1% higher, with general maturity near normal. On the July contract resistance is at new high for moved at $3.91 1/2 printed on Thursday. Chart support is at the $3.77 10-day, then the 20-day at $3.74. SOYBEANS Soybean trade is 4 to 8 cents lower at midday with trade following the lead of corn overnight but still holding the upper end of the recent range. Meal is $1 to $2 lower and oil is 10 to 20 points lower. South America should continue to push bushels into the world export market. The weekly export inspections were stronger at 508,220 metric tons. The USDA announced 130,000 metric tons of old crop sold to unknown. Crop progress is expected to show initial conditions around 66-68% good to excellent, with planting and emergence remaining just behind normal. July beans have support at the 10-day at $9.25, with the 20-day at $9.39 nearby resistance then the 50-day at $9.53. WHEAT Wheat trade is 6 to 13 cents lower with harvest pressure and some rains in the Dakotas over the weekend. Harvest will expand more this week with early yields continuing to be a bit disappointing so far. Protein will continue to be a major driver coming forward with the line between milling and feed wheat important. Western Europe looks to be warmer and drier in the near term as well. The weekly inspections were strong at 773,992 metric tons. Crop progress is expected to show a decline in winter and spring wheat conditions with maturity running just ahead of normal. On the July Kansas City contract support is the 10-day at $4.39, with the 200-day at $4.50 is resistance again. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.