DTN Midday Grain Comments 08/04 10:47

DTN Midday Grain Comments 08/04 10:47 Corn, Soybean Futures Higher at Midday; Wheat Mixed Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 9 to 11 cents higher; wheat futures are 7 cents lower to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 9 to 11 cents higher; wheat futures are 7 cents lower to 7 cents higher. The U.S. stock market is firmer with the S&P up 24. The U.S. Dollar Index is 70 points lower. Interest rate products are firmer. Energies are firmer with crude .80 higher and natural gas up .02. Livestock trade is firmer. Precious metals are mixed with gold up 6.50. CORN: Corn futures are 2 to 3 cents higher at midday with trade working back off the overnight highs after Ukraine attacked Russian naval bases in Black Sea ports along with sustained short-covering still limited as we get more oversold. 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 corn still holding the lower end of the range. 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 as support for now and the lower Bollinger Band at $4.73 below that. SOYBEANS: Soybean futures are 9 to 11 cents higher at midday with oil leading the product complex and trade working to consolidate further off the recent lows with other fresh news limited for now. Meal is 2.00 to 3.00 lower and oil was 100 to 120 points higher. Basis has found spots of strength with the futures action consolidating. The near-term weather forecast looks to limit stress for filling soybeans for most of the belt. November chart resistance is the 20-day moving average at $13.73, which we fell below Monday, with the lower Bollinger Band at $13.05 below that. WHEAT: Wheat futures are 7 cents lower to 7 cents higher with the port attack strength overnight aggressively fading again. Chicago is gaining substantially again versus KC as the intra-contract spreads narrow to multi-month lows. Winter wheat harvest is heading for the homestretch with spring wheat harvest continuing to push forward this week. The dollar has faded back from the highs post the jobs report, and Matif wheat is firmer but off the highs as well. On the KC September chart, the 20-day moving average at $8.34 is well above the market with trade trying to find footing above the lower Bollinger Band at $7.52. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.