DTN Midday Grain Comments 08/24 11:09

DTN Midday Grain Comments 08/24 11:09 Grains Trending Lower at Midday Soybeans lead trade lower at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow down 40 points. The interest rate products are higher. The dollar index is 36 points higher. Energies are weaker with crude down 1.60. Livestock trade is lower. Precious metals are mixed with gold flat. CORN Corn trade is flat to 2 cents lower at midday with trade finding some support during the day session after the weaker overnight trade. The crop tour will continue to move along with slightly disappointing findings in Nebraska and Indiana yesterday, with the tour expected to visit better areas today as they move to Iowa and Illinois with generally good corn found so far. Ethanol production declined slightly from last week's record production, and stocks were 1.9% higher, with some light imports noted. Ethanol futures are flat at midday. Corn basis will remain defensive as harvest approaches with storage likely at a premium this fall. The USDA announced 101,600 metric tons of corn sold to unknown for new crop. On the chart, trade is right around the 10-day and 20-day moving averages at $3.37-3.38, with the contract low of $3.22 as support. SOYBEANS Soybean futures are 12 to 18 cents lower at midday with trade still working to consolidate at $10.00, selling has picked up a bit this morning. Meal is $2 to $3 lower and oil is 40 to 50 points lower. The crop tour found good amounts of pods yesterday, with soybeans generally outperforming corn. The tour should continue to find good conditions today. The weather was viewed as neutral today, but with some warmth returning, and good rain expected for many areas. The the November soybean chart support is the 10-day at $10.05 below that followed by the 20-day at $9.89. The 100-day at $10.26 is nearby resistance then the 50-day at $10.45. WHEAT Wheat trade is 1 to 4 cents lower at midday with trade following the lead of the row crops with excessive supply continuing to way on the market. Some buying has surfaced at times this morning, but has not been sustained. The firmer dollar is weight on trade this morning. The spring wheat harvest continues to move toward completion. Canadian harvest will be hitting full stride soon, with the StatsCanada wheat production estimate slightly above the average guess at 30.743 million metric tons. Egypt pulled its tender yesterday after failing to come to terms with Russia. On the Kansas City December chart resistance is at the $4.38 20-day moving average with support the $4.24 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 (BAS) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.