DTN Midday Grain Comments 08/26 10:55

DTN Midday Grain Comments 08/26 10:55 Grains Mixed at Midday Corn is 1 to 2 cents lower, soybeans are 1 to 3 cents higher, and wheat is narrowly mixed. David M. Fiala DTN Contributing Analyst The U.S. stock market is mixed with the Dow down 40 points. The dollar index is 2 lower. Interest rate products are weaker. Energies are flat with crude down a dime. Livestock trade is mixed with feeders leading. Precious metals are firmer with gold up $28. CORN Corn trade is 1 to 2 cents lower at midday with trade backing away from the fresh highs with light selling so far today with trade looking for another bullish spark. The weekly ethanol report showed production up 5,000 barrels per day, with stocks up 139,000 barrels. Basis has remained fairly flat in recent days, with pressure likely at locations with the heat pushing the crop forward. On the September contract, trade has support at the $3.33 gap area, with the upper Bollinger Band at $3.40 as resistance. SOYBEANS Soybean trade is 1 to 3 cents higher at midday with support from conditions and the hot dry weather until the remains of Hurricane Laura bring relief later in the week for much of the belt along with exports remaining active with China booking another 400,000 metric tons. Meal is flat to $1.00 lower and oil is 20 to 30 points higher. The ral remains in the lower end of the range as Brazilian producers build forward sales ahead of planting. Soybean basis has found spots of support at crushers as well even as crush takes a back seat to export movement heading towards harvest. The September chart now has resistance at the $9.20 fresh high scored this a.m. with support the 20-day at $8.90. WHEAT Wheat trade is narrowly mixed with choppy trade continuing as we try to consolidate the recent uptrend further with harvest heading towards the homestretch in the northern hemisphere. The dollar is at the upper end of the recent range but remains in the low end of the overall range. Kansas City is at a 84-cent discount to Chicago with spreads moving back towards the upper end of the range, while Minneapolis is back to a 19 cent discount. Kansas City September chart support is the 20-day at $4.30 we are consolidating above, with the upper Bollinger Band at $4.51 the next round of resistance, which we tested yesterday and fell back from. 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.