DTN Midday Grain Comments 08/01 10:54

DTN Midday Grain Comments 08/01 10:54 Corn, Wheat Futures Lower at Midday; Soybeans Mixed Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are narrowly mixed; wheat futures are 3 to 18 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are narrowly mixed; wheat futures are 3 to 18 cents lower. The U.S. stock market is weaker with the S&P off 15. The U.S. Dollar Index is 53 points higher. Interest rate products are weaker. Energies are mixed with crude .80 lower and natural gas off .08. Livestock trade is mostly higher. Precious metals are weaker with gold off 27.30. CORN: Corn futures are 4 to 5 cents lower at midday with light, two-sided action turning weaker during the day session. Short-term weather looks cooler into mid-August with mixed rain coverage to continue this week. Ethanol margins should continue to see support from unleaded values and the pullback on the board for corn. Basis will likely fade further toward harvest. Weekly crop progress showed good to excellent 2% lower at 55%, with poor to very poor 1% higher at 15%, with silking at 84% versus 82% on average, and 29% in the dough, equal to average. The second crop in Brazil should continue to press forward harvest wise. On the December chart, the 20-day moving average is above the market at $5.21, becoming resistance as we broke below it overnight, with the $5.00 area the next round down. SOYBEANS: Soybean futures are narrowly mixed at midday with early strength fading as we look to consolidate after the washout Monday with product action following suit so far and little concern in the near-term weather forecast. Meal is 2.50 to 3.50 higher and oil is 25 to 35 points higher. Basis has softened a little as well. Weekly crop progress showed good to excellent 2% lower at 52%, and poor to very poor 1% higher at 15% with 83% blooming versus 78% on average, and 50% setting pods versus 47% on average. November chart resistance is the 20-day moving average at $13.74, which we fell below Monday, with the lower Bollinger Band at $13.07 below that. WHEAT: Wheat futures are 3 to 18 cents lower with trade working the lower end of the recent range again. Ships are ignoring the end of the grain corridor and arriving in Ukraine ports. There is also negative spillover from row crops and the dollar keeping pressure on during the day session. Weekly crop progress showed winter wheat 80% complete versus 83% on average, with spring wheat conditions off 5% to 42% good to excellent, with 16% poor to very poor which was unchanged with 97% headed versus 98% on average and 2% harvested versus 5% on average. Weekly export inspections improved a bit to 581,127 metric tons. The dollar is back to the top of the recent range, and Matif wheat is solidly lower as well. On the KC September Chart, the 20-day moving average at $8.43 was the first support area, which we fell through this morning, with $8.00 the next level down, which we are just below at midday. ** NOTE: To learn the latest on 2023 corn and soybean yield expectations, join us the week of Aug. 7-11 on the DTN Digital Yield Tour, Powered by Gro Intelligence. Each day we'll have updated yields for key states in our Top Stories menu. For background information on the tour, see here: https://spotlights.dtnpf.com/dyt/ David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.