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DTN Midday Grain Comments     06/29 11:13

   All Grains Lower at Midday

   Trade is flat to lower at midday.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are higher with the Dow futures up 215 points. 
The interest rate products are mixed. The dollar index is 60 points lower. 
Energies are higher with crude up $1.20. Livestock trade is mixed. Precious 
metals are firmer with gold up $8.60.


   Corn trade is 2 to 4 cents lower at midday with trade continuing to grind in 
the recent range with rains hitting parts of Iowa overnight with more expected 
this afternoon/evening. The forecast is cool in the near term with better rains 
called for the Kansas, Missouri, southern Illinois, and southern Indiana area 
that have been shortchanged recently. Ethanol production was up 40,000 barrels 
per day after the sharp set back last week, while stocks were 0.3 percentage 
points higher. Trade will continue to position for the report tomorrow, with 
acreage expected to be at 92.97 million acres and stocks at 4.58 billion 
bushels. On the December chart support is at the $3.90 3/4 100-day then the 
$3.82 1/2 low printed Friday. Resistance is the 200-day moving at $3.96, which 
we have edged above this morning, with the 50-day at $4.06 above that.


   Soybean trade is flat to 3 cents lower at midday with some two sided trade 
this morning after intial pressure. Meal is $6 to $7 higher, and oil is 10 to 
20 points lower. Better rains should help growth in some of the dry areas in 
the near term. On the report tomorrow, the average acre guess is at 83.84 
million acres, with stocks at 829 million bushels. On the November soybean 
chart support is at the 50-day at $10.68, resistance is at the 20-day at 11.22. 


   Wheat trade is flat to 8 cents lower with harvest pressure continuing, more 
so on the Chicago trade this morning. The weaker dollar is adding some support. 
Harvest should continue to progress quickly with some limited disruptions from 
rain. Spring wheat conditions will have to be watched with a substantial set 
back in conditions the last two weeks, and a mixed weather forecat going 
forward. Russian harvest should continue to make good progress with generally 
good yields to start as well, keeping the global supply pressure building in 
the near term. The report is expected to be negative with all wheat acres at 
49.86 million, and stocks of 982 million bushels.  On the July Kansas City 
chart the 10-day and lowest major moving average is resistance at $4.31 with 
support at the $4.08 fresh contract low. 

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered trading adviser.
David Fiala can be reached at 
Follow David Fiala on Twitter @davidfiala


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