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DTN Midday Grain Comments     07/10 11:06

   Corn, Beans Lower at Midday; Wheat Mixed

   Corn is 3 to 4 cents lower, soybeans are 1 to 2 cents lower, and wheat is 2 
cents lower to 4 cents higher.

David Fiala,DTN Contributing Analyst

   The U.S. stock market is mixed with the Dow down 170 points. The dollar 
index is 20 points lower. Interest rate products are mixed. Energies are firmer 
with crude up $0.50. Livestock trade is mixed with cattle leading. Precious 
metals are mixed with gold flat.


   Corn trade is 3 to 4 cents lower with position squaring ahead of the WASDE 
report at 11 a.m., with a return to forecast watching after that. The USDA 
confirmed 1.365 million metric tons sold to China combined for old and new 
crop. The forecast has more heat the second week with projected rain coverage 
into late July very mixed. The ethanol margins have narrowed a bit but remain 
positive. The WASDE report is expected to show 2.27 billion bushels of old crop 
carryout, and 2.683 billion of new, with yields likely untouched for now. On 
the September contract, support is the 20-day at 3.37 with resistance the upper 
Bollinger Band at $3.54.


   Soybean trade is 1 to 2 cents lower with trade holding at the upper end of 
the range pre-report. Meal is $1.00 to $2.00 lower, and oil is flat to 10 
points higher. The ral remains at the midpoint of the recent range vs. the 
dollar. Crush margins have seen little change in recent days. Drier weather 
into mid-month for many will add support but concerns are more limited for now. 
The WASDE report is expected to show carryout at 584 million bushels of old 
crop, and 416 million of new, with yields holding steady for now. The August 
soybean chart resistance is the $9.03 fresh high, with support the 20-day at 


   Wheat is 2 cents lower to 3 cents higher with Chicago trade continuing to 
lead action. The ruble remains in the recent range vs. the dollar with Russia 
winning export tenders so far this week as the U.S. rally sharper than the Euro 
rally with harvest pushing forward across the northern hemisphere. Kansas City 
is at a 74-cent discount to Chicago with spreads sharply wider the last three 
days, while Minneapolis is back to a 4 cent discout. On the report, wheat 
carryout is expected to be at 948 million bushels. The September Kansas City 
chart support is the 20-day at $4.43, which we closed above today with the 
upper Bollinger Band at $4.59 the next round up, which we tested yesterday.

   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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