DTN Midday Grain Comments 08/21 10:57

DTN Midday Grain Comments 08/21 10:57 Grains Mixed at Midday Corn is flat to 2 cents higher, soybeans are narrowly mixed, and wheat is flat to 2 cents lower. David Fiala,DTN Contributing Analyst The U.S. stock market is mixed with the Dow up 70 points. The dollar index is 50 points higher. Interest rate products are firmer. Energies are weaker with crude down $1.05. Livestock trade is mostly lower with hogs leading. Precious metals are mostly weaker with gold up $5. CORN Corn trade is flat to 2 cents higher at midday with light buying as Iowa yields came in below last years numbers with the final number from the yield tour today, along with a persistently dry forecast short term. Ethanol margins should remain stable with the energy complex trying to drift lower. Basis has remained fairly flat in recent days, with pressure likely at locations with a strong crop coming soon. China bought 405,000 metric tons of corn on the daily wire as well. 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 narrowly mixed with trade holding the upper end of the range with the dry forecast and fresh sales offsetting pod numbers on the tour along with overbought conditions. Meal is narrowly mixed and oil is 5 to 15 points lower. On the daily wire, China bought 400,000 metric tons of new crop, and unknown bought 368,000 metric tons. The ral has dropped sharply vs. the dollar this a.m. as well. 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 Wednesday with support the 20-day at $8.90. WHEAT Wheat trade is flat to 2 cents lower at midday with trade working to consolidate the recent gains with the overall choppy action still in place. The stronger dollar will likely limit upside if sustained past today. Kansas City is at a 79-cent discount to Chicago with spreads keeping choppy action so far this week, while Minneapolis is back to a 9 cent discount. Kansas City September chart support is the 20-day at $4.30 we are consolidating above, with the upper Bollinger Band at $4.50 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.