DTN Midday Grain Comments 08/09 11:06

DTN Midday Grain Comments 08/09 11:06 Corn, Wheat Futures Lower at Midday; Soybeans Higher Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 3 to 5 cents higher; wheat futures are 7 to 14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 3 to 5 cents higher; wheat futures are 7 to 14 cents lower. The U.S. stock market is weaker with the S&P off 25. The U.S. Dollar Index is 10 points lower. Interest rate products are firmer. Energies are firmer with crude .70 points higher and natural gas up .20. Livestock trade is mixed. Precious metals are mixed with gold off 9.50. CORN: Corn futures are 2 to 3 cents lower at midday with two-sided action so far as early strength faded again. There was little fresh news to push trade as we head toward Friday's report. The weekly ethanol report showed production off by 44,000 barrels per day (bpd), and stocks up by 20,000 barrels. Basis has remained flat. On the report, trade is looking for yield at 175.5 bpa with new-crop carryout at 2.197 billion bushels (bb). On the December chart the 20-day moving average is above the market at $5.22 as resistance with the $4.89 1/4 fresh low as support for now with the lower Bollinger Band at $4.74 below that. SOYBEANS: Soybean futures are 3 to 5 cents higher at midday with early strength softening as trade works to hold on to the reversal from Tuesday. Soy oil is leading the product complex. Meal is 2.00 to 3.00 lower and oil is 30 to 40 points higher. The daily export wire saw another sale of 251,000 metric tons (mt) to China. Basis will likely remain flat in the short term. Weather looks to remain mostly good for the near term as we get deeper into podfilling season. On the report, trade is looking for a yield of 51.2 bpa and carryout of 260 million bushels (mb). November chart resistance is the 20-day moving average at $13.68 with the lower Bollinger Band at $12.87, which we bounced back from overnight. WHEAT: Wheat futures are 7 to 14 cents lower at midday with early gains fading again. Trade is working to build on the better start to the week with Minneapolis action leading and KC gaining again versus Chicago action Wednesday morning after narrowing to multi-month lows. Spring wheat harvest should continue to progress with winter wheat harvest nearly wrapped up. The dollar is holding near the highs and Matif wheat is softer this morning. On the report, trade is looking for carryout at 595 mb. On the KC September Chart, the 20-day moving average at $8.26 is well above the market with support the lower Bollinger Band at $7.30. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.