DTN Midday Grain Comments 08/24 11:04

DTN Midday Grain Comments 08/24 11:04 Grains Mixed at Midday Corn is 2 to 3 cents higher, soybeans are narrowly mixed, and wheat is 6 to 9 cents lower. David Fiala,DTN Contributing Analyst The U.S. stock market is firmer with the Dow up 290 points. The dollar index is flat. Interest rate products are mostly lower. Energies are firmer with crude up $0.30. Livestock trade is mixed with cattle sharply lower. Precious metals are mostly weaker with gold down $10. CORN Corn trade is 2 to 3 cents higher at midday with light buying as Iowa yields came in below last years numbers with the national number coming in at 177.5 BPA, along with a persistently dry forecast short term. Ethanol margins should remain stable with the energy complex trying to drift higher to open the week. Basis has remained fairly flat in recent days, with pressure likely at locations with the heat pushing the crop forward. Weekly export inspections remain solid at 892,031 metric tons, with weekly crop progress showing expecting to show conditions 1% to 2% lower with maturity pushing ahead of normal. 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 with the final yield number at 52.5 BPA. Meal is $1.00 to $2.00 lower and oil is 30 to 40 points higher. On the daily wire, trade has remained active with trade watching for further sales with nothing hitting the wire today. The ral has dropped sharply vs. the dollar as well in recent days with a rebound this a.m. as planting gets closer. Soybean basis has found spots of support at crushers as well. The extended forecast shows plenty of heat with the biggest question on when and where the moisture from the gulf storms arrive. Weekly export inspections improved to 1.15 million metric tons, with weekly crop conditions 2-3% lower, and maturity remaining ahead of normal. 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 6 to 8 cents lower with trade moving off the test off the highs early on with the dollar coming off early lows and little fresh wheat specific news. The dollar is at the upper end of the recent range. Kansas City is at a 83-cent discount to Chicago with spreads moving back towards the upper end of the range, while Minneapolis is back to a 17 cent discount. Winter wheat harvest is effectively complete with planting coming soon, while spring wheat harvest should be past halfway now. Weekly export inspections remained range bound at 569,593 metric tons. Kansas City September chart support is the 20-day at $4.30 we are consolidating above, with the upper Bollinger band at $4.53 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.