DTN Midday Grain Comments 08/10 10:56

DTN Midday Grain Comments 08/10 10:56 Corn, Beans Higher at Midday Corn is 2 to 4 cents higher, soybeans are 5 to 6 cents higher, and wheat is 2 to 3 cents lower. David Fiala,DTN Contributing Analyst The U.S. stock market is mixed with the Dow up 220 points. The dollar index is 1 point higher. Interest rate products are mixed. Energies are mostly higher with crude up $0.60. Livestock trade is mixed. Precious metals are higher with gold up $16. CORN Corn trade is 2 to 3 cents higher at midday with light buying ahead of the weekly crop progress report, and mixed weather in Iowa over the weekend. Ethanol margins are stable short term with flat energies and gasoline demand holding mostly steady. Basis has remained fairly flat in recent days, with pressure likely at locations with a strong crop coming soon. Weekly export inspections improved at 1.15 million metric tons, with weekly crop progress showing steady conditions and above-normal maturity. On the September contract, trade continues to have resistance at the 20-day at $3.20, with chart support at the lower Bollinger Band at $3.04. SOYBEANS Soybean trade is 5 to 7 cents higher with buying returning during the day session with another 799,000 metric tons booked by China and unknown. Meal is $2.50 to $3.50 higher and oil 5 to 15 points lower. The ral has weakened vs. the dollar the last day or so, but new crop should remain competitive for the U.S. for now. Weather looks to continue to be good for most into podfill. Weekly export inspections were better at 635,665 metric tons, with steady conditions on the weekly report, along with above-normal maturity. The September chart now has resistance at the 20-day at 8.84, which we are pulling back from, and support the lower Bollinger Band at 8.63. WHEAT Wheat trade is 3 to 4 cents lower at midday with trade chopping along the lower end of the range to open the week with little fresh news so far as spring wheat harvest expands. The ruble is holding vs. the dollar as well with more Middle East tenders being scheduled into fall. Kansas City is at an 80-cent discount to Chicago with spreads flat today, while Minneapolis is back to even. Weekly export inspections softened at 379,949 metric tons, with winter wheat harvest nearly complete, and spring wheat conditions steady and harvest around average pace. Kansas City September chart support is the fresh low at $4.09 3/4, with the 20-day back above the market as nearby resistance at $4.39. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2020 DTN, LLC. All rights reserved.