DTN Midday Grain Comments 08/03 10:58

DTN Midday Grain Comments 08/03 10:58 Soybean Futures Higher at Midday; Corn, Wheat Lower Corn futures are 2 to 3 cents lower at midday Thursday; soybean futures are 5 to 6 cents higher; wheat futures are 8 to 16 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Thursday; soybean futures are 5 to 6 cents higher; wheat futures are 8 to 16 cents lower. The U.S. stock market is weaker with the S&P off 8. The U.S. Dollar Index is 15 points lower. Interest rate products are weaker. Energies are firmer with crude 1.60 higher and natural gas up .09. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold off 2.50. CORN: Corn futures are 2 to 3 cents lower at midday with trade continuing to work the lower end of the range in quieter trade than we've seen this week. Short-term weather looks cooler into mid-August with mixed rain coverage to continue into next week. Ethanol margins remain solid with unleaded holding the upper end of the range with the corn pullback supporting action. Weekly export sales remain soft at 107,500 metric tons (mt) old crop, and 348,900 mt new. Basis will likely fade further toward harvest. 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 $5.22, becoming resistance with the $4.95 1/2 fresh low support for now with the lower Bollinger Band at $4.73 below that. SOYBEANS: Soybean futures are 5 to 6 cents higher at midday with firmer spread action as September works 11 to 13 cents higher. Meal is leading the product complex as trade looks to find footing after the recent washout. Meal is 5.00 to 6.00 higher and oil was 65 to 75 points lower. The daily export wire showed another 134,000 mt of new crop soybeans sold to China. Weekly export sales were strong with 90,600 mt old crop, 2.631 million mt new crop, 163,600 old meal, and 183,300 new, and 2,200 of oil. Basis has found spots of strength with the bounce back. November chart resistance is the 20-day moving average at $13.72, that we fell below Wednesday, with the lower Bollinger Band at $13.01 below that. WHEAT: Wheat futures are 8 to 16 cents lower with selling returning on the open of the day session to take action back to the recent lows again with Chicago still leading on the spread action. Winter wheat harvest is heading for the homestretch with spring wheat harvest continuing to push forward this week. The dollar is back to the top of the recent range, and Matif wheat is flat. Weekly export sales improved a bit at 421,300 mt old crop and 13,400 mt of new. On the KC September chart, the 20-day moving average at $8.37 is well above the market with trade trying to find footing above the lower Bollinger Band at $7.62. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.