DTN Midday Grain Comments 08/28 11:38

DTN Midday Grain Comments 08/28 11:38 Corn, Wheat Lower at Midday Corn is 2 to 3 cents lower, soybeans are 4 to 7 cents higher, and wheat is 1 to 3 cents lower. David M. Fiala DTN Contributing Analyst The U.S. stock market is firmer with the Dow up 95 points. The dollar index is 70 lower. Interest rate products are firmer. Energies are mixed with crude down $0.10. Livestock trade is weaker. Precious metals are firmer with gold up $44. CORN Corn trade is 2 to 3 cents lower in quiet trade at midday with choppy action likely to continue into the weekend with month's end and September contract delivery approaching. Ethanol margins are stable going into the weekend with the end of summer driving season approaching. Basis has remained fairly flat in recent days, with pressure likely at locations with the heat pushing the crop forward. On the daily wire we saw 324,023 metric tons of corn. On the September contract, trade has support at the $3.33 gap area, with the upper Bollinger Band at $3.47 as resistance. SOYBEANS Soybean trade is 4 to 7 cents higher with support from weather as rains remain scattered so far with the heat still in place, along with the strong demand levels as we approach the end of the month and September contract delivery with spreads firming this a.m. Meal is $3.50 to $4.50 higher and oil is 30 to 40 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 $9.46 3/4 fresh high scored this morning with support the 20-day at $8.95. WHEAT Wheat trade is 1 to 3 cents lower at midday with trade continuing to consolidate recent gains as it pushes into resistance levels with support from row crops and winter wheat planting conditions. The dollar is back to the lower end of the range as well. Kansas City is at an 80-cent discount to Chicago with spreads moving back towards the middle of the range, while Minneapolis is back to a 17 cent discount. Kansas City September chart support is the 20-day at $4.30 we are consolidating above, with the upper Bollinger Band at $4.62 the next round of resistance, which we are testing overnight. 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.