DTN Midday Grain Comments 08/20 11:09

DTN Midday Grain Comments 08/20 11:09 Corn, Soybeans Lower at Midday Corn is 3 to 4 cents lower, soybeans are 8 to 10 cents lower, and wheat is 2 cents lower to 1 cent higher. David Fiala,DTN Contributing Analyst The U.S. stock market is mixed with the Dow down 40 points. The dollar index is 2 points higher. Interest rate products are firmer. Energies are flat with crude down $0.30. Livestock trade is mixed with hogs leading. Precious metals are mostly weaker with gold down $16. CORN Corn trade is 3 to 4 cents lower at midday with light selling as trade backs away from the recent highs as the crop tour wraps up in the storm-hit areas today. Ethanol margins should remain stable with light improvement with the pull back in corn values. Basis has remained fairly flat in recent days, with pressure likely at locations with a strong crop coming soon. Weekly export sales were so-so at 61,600 metric tons of old crop, and 723,300 of new. On the September contract, trade has support at the 20-day at $3.18 with the upper Bollinger Band at $3.33 the next round up. SOYBEANS Soybean trade is 8 to 10 cents lower at midday with selling as we find big pod counts on the crop tour, but a finishing rain remains lacking. Meal is $1.50 to $2.50 lower and oil is 40 to 50 points lower. No new export sales hit the daily wire today. The ral remains in the tighter recent range vs. the dollar with South American planting season getting closer. Soybean basis has found spots of support at crushers as well. Weekly export sales were good despite old crop being -12,700 metric tons, while new crop was 2.573 million metric tons, meal was 34,500 old, and 155,800 of new, with oil at -200. The September chart now has resistance at the $9.17 3/4 fresh high scored Wednesday with support the 20-day at $8.90. WHEAT Wheat trade is 2 cents lower to 1 cent higher with trade working to consolidate the recent gains with the overall choppy action still in place. 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 as spring wheat harvest moves on. Kansas City is at a 77-cent discount to Chicago with spreads keeping choppy action so far this week, while Minneapolis is back to a 5 cent discount. Weekly export sales remained rangebound at 523,000 metric tons. Kansas City September chart support is the 20-day at $4.30 we moved back above again overnight, with the upper Bollinger band at $4.52 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.