DTN Midday Grain Comments 07/28 11:09

DTN Midday Grain Comments 07/28 11:09 All Grains Higher at Midday Midday trade is slightly higher with wheat the leader; the weak dollar is providing support. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the DOW futures down 10 points. The interest rate products are higher. The dollar index is 55 points lower. Energies are flat to firmer with crude up .55. Livestock trade is lower. Precious metals are mixed with gold up $9.70. CORN Corn trade is 1 to 2 cents higher with trade working sideways due to limited selling interest ahead of the summer weekend. Rains looks to be lacking over the next 10 days, but temperatures will be less stressful. Many areas saw good rains this past week. Ethanol margins have improved this week with the strength in the energy complex and drop in corn but some hedge buying may be lifting corn yesterday and today. Corn basis remains soft with plenty of old crop stocks still around. On the December chart support is at the new July low made earlier in the week at $3.80 1/2 with resistance at the 100-day at $3.90. SOYBEANS Soybean trade is 6 cents higher at midday with trade consolidating just above $10.00. Meal is $1 higher and bean oil is 25 points higher. Cooler temperatures will limit stress in the week ahead but drier forecasts have kept the market from slipping. Selling interest below $10 has been limited at this juncture. We still have the important weather month of August ahead when the majority of the reproductive and pod fill occurs. Soybean basis has remained steady to firm, with good nearby export demand at the gulf noted and Palm oil making two month highs. On the November chart support is at the 20-day at 10.07 with resistance at weekly high up at $10.35. WHEAT Wheat trade is 7 to 10 cents higher with Minneapolis seeing the best strength. The weak dollar and news about the poor spring wheat has been supportive. The spring wheat tour is going into some of the drier growing areas with a growing focus on abandoned acres. The dollar remains near year lows, but Jordan postponed its tender, leaving France as the most recent winner of export business. Trade continues to add carry in the spring wheat, with winter wheat keeping the ample carry in place. On the December KC contract support is the 100-day at $4.95. Resistance is at the 50-day at the 10-day moving average at $5.18. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.