DTN Midday Grain Comments 08/07 11:49

DTN Midday Grain Comments 08/07 11:49 Soybean Futures Higher at Midday; Corn, Wheat Lower Corn trade is 1 to 2 cents lower, beans are 35 to 37 cents lower and wheat trade is 2 to 20 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 1 to 2 cents lower, beans are 35 to 37 cents lower and wheat trade is 2 to 20 cents higher. The U.S. stock market is mixed with the S&P up 20. The U.S. Dollar Index is 0.05 higher. Interest rate products are weaker. Energies are mixed with crude $0.80 lower and natural gas up $0.15. Livestock trade is mixed. Precious metals are weaker with gold off $6.50. CORN: Corn trade is 1 to 2 cents lower midday Monday with trade continuing to hold the lower end of the range with little fresh news to move corn as we head toward the August report on Friday with some light two-sided action during the day session. Short-term weather looks to keep lower temperatures and moisture in place for most of the belt. Ethanol margins look to remain solid near term with unleaded holding the upper end of the range. The daily wire saw some life with Mexico securing 251,460 metric tons of new crop, while export inspections remained soft at 376,623 metric tons. Weekly crop progress will likely show steady conditions with maturity in line with the five-year average. On the December chart, the 20-day is above the market at $5.22 becoming resistance with the $4.89 1/4 fresh low support for now with the lower Bollinger Band at $4.72 below that. SOYBEANS: Soybean trade is 35 to 37 cents lower at midday with broad selling as finishing weather looks favorable for soybeans along with broader product weakness to start the week. Meal is $4.00 to $5.00 lower and oil is 1.30 cents to 1.50 cents lower. The daily wire will be watched for further new crop sales with China securing another 132,000 metric tons of new crop today with inspections remaining soft at 281,857 metric tons. Basis will likely remain flat short term. Weekly crop progress should show steady to slightly better conditions with maturity still working ahead of the five-year average. November chart resistance is the 20-day at $13.73 that we fell below Monday with the lower Bollinger Band at $12.98, which we are testing at midday. WHEAT: Wheat trade is 2 to 20 cents higher at midday with Black Sea developments encouraging some buying to start the week with Ukraine targeting ports and shipping on the Russian side but negative spillover from the row crops have limited upside with the inter-contract spreads still favoring the Chicago contract. Winter wheat harvest will be close to wrapped up on the weekly report with spread wheat likely to show near average harvest pace and steady conditions. The dollar has faded back from the recent highs but remains elevated, and Matif wheat is firmer but off the highs as well. Weekly export inspections were disappointing at 275,067 metric tons. On the KC September Chart, the 20-day at $8.30 is well above the market with trade trying to find footing above the lower Bollinger Band at $7.39. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.