DTN Midday Grain Comments 08/22 11:22

DTN Midday Grain Comments 08/22 11:22 Soybeans Higher at Midday Trade is mixed at midday in slow action. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow down 55. The interest rate products are lower. The dollar index is 2 points higher. Energies are mixed with crude down 1.40. Livestock trade is mostly lower. Precious metals are lower with gold down $3.50. CORN Corn trade is 1 to 2 cents lower at midday and we have stayed within Friday's trading range. The crop tour was talked about a lot over the weekend with expectations it will project a lower yield than what the August USDA number. Early tour comments are mixed so far. Ethanol margins open the week under a bit of pressure with the slide in crude values early on, all though ethanol futures are a touch higher. Corn basis will remain defensive as harvest approaches with storage likely at a premium this fall. The weekly crop progress report is expected to show steady conditions with progress remaining just ahead of normal. The weekly export inspections were good at 1.249 million metric tons. December chart support is at the 20-day at $3.37 then the $3.22 1/2 contract low. Resistance was at $3.46 followed by the 50-day at $3.67. SOYBEANS Soybean futures are 6 to 10 cents higher at midday with some light chart buying redeveloping during the day session after some buying showed up following another 120,000 metric tons new crop soybeans announced as sold to unknown. Meal is $6 higher and oil is 35 to 40 points lower. Weather remains a bit mixed in the near term, but overall mostly a non-issue. Asian values were mixed to start the week, with the Palm oil trade fading a bit to keep pressure on soyoil values. The weekly crop progress report is expected to show steady conditions and progress just ahead of normal. The weekly export inspections were strong for this time of year at 961,414 metric tons. On the November soybean chart, trade has support at $10 with the 10-day at $9.99 below that. The 100-day at $10.22 is nearby resistance then the 50-day at $10.56. WHEAT Wheat trade is flat to 10 cents lower at midday with pressure developing on the Chicago trade this morning, while Minneapolis holds up the best. Spring wheat harvest should continue at a quick pace this week with Canadian harvest getting going as well. Demand for higher protein wheat should support the market while the amount of poor quality wheat around will continue to require increased livestock demand, keeping pressure on the winter wheats. Spring wheat harvest should remain well ahead of normal on the progress report, and export inspections were ok at 530,824 metric tons. On the KC December chart support is at the $4.38-40 level where the 10-day and 20-day moving averages then the $4.24 contract low. Resistance is at the $4.49 3/4 August high then the $4.53 50-day. 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 (BAS) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.