DTN Midday Grain Comments 08/14 11:42

DTN Midday Grain Comments 08/14 11:42 All Grains Lower at Midday Trade is lower across the board at midday with wheat and soybeans leading. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 150 points. The interest rate products are lower. The dollar index is 33 lower. Energies are lower with crude 0.20 lower. Livestock trade is mostly lower. Precious metals are mixed with gold down $4.30. CORN Corn trade is 3 cents lower at midday due to follow-through selling after the negative USDA numbers last week along with rain moving across Iowa this morning. The trading range has been narrow trading from around 2 to 5 cents lower. Near term rains are expected to continue with temperatures remaining around normal to below normal with hints of warmer weather in the extended forecast. Ethanol production margins remain good; summer driving season is near the end through, with ethanol futures edging higher this morning which is supporting corn. The weekly crop progress report is expected to show steady to 1 percentage point lower conditions with maturity remaining near normal. The weekly export inspections were a bit softer at 756,539 metric tons. On the December chart support is the new low for the move and year printed overnight at $3.70 with first resistance at the 10-day of $3.79. SOYBEANS Soybean trade is 8 to 11 cents lower at midday with trade due to improved moisture overnight for the center of the belt with follow up rain expected for Iowa. Meal is $1 to $2 lower and oil is 50 to 60 points lower. Moisture will still help add yield here in mid-August for beans. We are adding up to a historical cool August at this juncture with any warm up, or warmer than normal conditions, in late August welcome, as well as early September. This also can help add yield to beans as long as some moisture is around. The weekly export inspections were good seasonally at 570,102 metric tons. China will be watched for more follow up buying with the weakness to start the week. On the November chart support becomes the fresh low for the move at $9.30 3/4, with the 10-day at $9.60 the first level of resistance on a bounce. WHEAT Wheat trade is 5 to 28 lower at midday with Minneapolis wheat the downside leader overnight. The broad spread unwinding of spreads and Minneapolis selling pressure is again noted today as the northern Northern Hemisphere harvest continues. The weaker dollar should bolster export potential with Russia running into some logistical bottlenecks with the strong yields there. The spring wheat harvest should continue to move along with some isolated disruptions with progress near normal on the weekly report. Weekly export inspections were ok at 511,128 metric tons. On the December Kansas City contract support is the $4.57 1/2 fresh low with resistance at the 10-day at $4.83. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.