DTN Midday Grain Comments 08/19 11:04

DTN Midday Grain Comments 08/19 11:04 Beans, Wheat Higher at Midday Corn is 1 to 2 cents lower, soybeans are 1 to 2 cents higher, and wheat is 2 to 6 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is firmer with the Dow up 90 points. The dollar index is 33 points higher. Interest rate products are firmer. Energies are flat with crude down $0.10. Livestock trade is firmer. Precious metals are mostly weaker with gold down $45. CORN Corn trade is 1 to 2 cents lower with trade filling the nearby downside gap overnight before bouncing back with action holding at the upper end of the range so far. Weekly ethanol production showed production up 8,000 barrels per day, with stocks 520,000 barrels higher. Basis has remained fairly flat in recent days, with pressure likely at locations with a strong crop coming soon. The crop tour will get closer to the storm damaged areas with mostly good to great potential found so far. On the September contract, trade has support at the 20-day at $3.18 which we moved above Friday with the upper Bollinger Band at $3.33 the next round up. SOYBEANS Soybean trade is 1 to 2 cents higher at midday with trade continuing to get support from the short-term forecast while we consolidate at the upper end of the range. Meal is flat to $1.00 higher and oil is 5 to 15 points lower. The USDA announced 192,000 metric tons of soybeans to China. The ral remains in the tighter recent range vs. the dollar with South American planting season getting closer. Weather wise, traders are looking for one more good rain during podfill to get the crop to its potential, which the crop tour has confirmed as tremendous so far. Soybean basis has found spots of support at crushers as well. The September chart now has resistance at the $9.17 3/4 fresh high scored today with support the 20-day at $8.89. WHEAT Wheat trade is 4 to 6 cents higher at midday with the back and forth trade continuing after we faded from resistance yesterday to challenge it today. The ruble is holding vs. the dollar as well with more Middle East tenders being scheduled into fall with Black Sea origin still firmly in control. Kansas City is at a 76-cent discount to Chicago with spreads keeping choppy action so far, while Minneapolis is back to even with a sharp two day move. Kansas City September chart support is the 20-day at $4.30 we moved back above again overnight, with the recent high at $4.59 the next round of resistance. 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.