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DTN Midday Grain Comments     06/27 11:50

   Soybeans Double Digits Higher at Midday

   Trade is mixed with soybeans leading the charge at midday.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are lower with the Dow futures down 265 
points. The interest rate products are lower. The dollar index is 161 points 
higher. Energies are lower with crude down $1.30. Livestock trade is mixed. 
Precious metals are higher with gold up $3.30.


   Corn trade is 2 to 4 cents higher at midday with light buying after rains 
disappointed in some areas over the weekend while the wheat market and strong 
dollar weighs on the trade. The forecast remains cool over the next week with 
limited rain for the center of the belt, and trade will position more for the 
planted acres report on the 30th that will keep trade active. The weekly 
progress and conditions report is expected to show a slight decline on 
conditions with progress slightly ahead of normal. The weekly export 
inspections were good at 1.451 million metric tons. On the December chart 
support is at the $3.90 3/4 100-day then the $3.82 1/2 low printed early today. 
Resistance is the 200-day moving at $3.96, which we are just back above at 


   Soybean trade is 26 to 32 cents higher at midday with active buying 
returning overnight with the front month contracts leading again. Meal is $7 to 
$8 higher and oil is 40 to 50 points higher. The market is expecting an acreage 
increase on the June 30 Planting Intentions report, which should help to keep 
trade defensive ahead of the report to some degree. Weather looks to bring rain 
to double-crop areas  while other areas look to struggle again this week, 
albeit with cooler weather. The weekly conditions and progress report should be 
slightly lower with emergence complete for first crop. The weekly export 
inspections were inline with expectations at 272,066 metric tons. On the 
November soybean chart support is at the 50-day at $10.62, resistance is at the 
20-day at 11.17. 


   Wheat trade is 5 to 10 cents lower at midday with harvest pressure and the 
sharply stronger dollar overcoming the row crop support. Rains should have 
slowed harvest in areas of Kansas, but overall progress remains pretty good 
with some yields pushing triple digits even on dryland in north-central Kansas. 
Growing concerns about crop conditions are picking up in the Red River Valley 
which should be reflected on the conditions report today after a 3% drop last 
week with progress well ahead of normal. The weekly export inspections were 
improved at 511,071 metric tons. On the July Kansas City chart the 10-day and 
lowest major moving average is resistance at $4.42 with support at the $4.15 
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 dfiala@futuresone.com 
Follow David Fiala on Twitter @davidfiala


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