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DTN Midday Grain Comments     07/15 10:49

   Beans, Wheat Higher at Midday

   Corn is narrowly mixed, soybeans are 4 to 6 cents higher, and wheat is 4 to 
17 cents higher.

David Fiala,DTN Contributing Analyst

   The U.S. stock market is firmer with the Dow up 250 points. The dollar index 
is 24 points lower. Interest rate products are weaker. Energies are mostly 
higher with crude up $0.50. Livestock trade is mixed with cattle leading. 
Precious metals are weaker with gold down $4.00.


   Corn trade is narrowly mixed at midday with showers working across parts of 
the Belt this a.m. as pollination continues. The forecast has better rains for 
many in it, but remains warm into pollination for many. The ethanol margins 
have narrowed with the weekly report showing production 17,000 barrels per day 
higher, with stocks 12,000 lower. Trade saw another 129,000 metric tons sold to 
China after the record sale Tuesday. On the September contract, support is the 
lower Bollinger Band at $3.16 after we gapped below the 20-day at $3.35 to 
start the week.


   Soybean trade is 4 to 6 cents higher with trade working to build on the 
better action seen yesterday after the selloff slowed and old crop leads. Meal 
is flat to $1.00 higher and oil is 10 to 20 points higher. The ral remains at 
the midpoint of the recent range vs. the dollar. Crush margins remain stable. 
China bought another 389,000 metric tons of soybeans today. The August chart 
now has support at the 20-day at $8.77 which we got back above yesterday, with 
the upper Bollinger Band at $9.02 as resistance.


   Wheat trade is 4 to 17 cents higher with Chicago trade going to new highs 
for the move with support from fund buying and lighter European yields. The 
ruble remains in the recent range vs. the dollar with Black Sea wheat still 
winning tenders. Kansas City is at a 91-cent discount to Chicago with spreads 
sharply wider the last four days, while Minneapolis is back to a 21 cent 
discount. Kansas City chart support is the 20-day at $4.41, with the upper 
Bollinger Band at $4.55 the next round up which we are testing at midday.

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

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