DTN Midday Grain Comments 08/10 10:51

DTN Midday Grain Comments 08/10 10:51 Corn, Soybean Futures Higher; Wheat Mixed Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 13 to 15 cents higher; wheat futures are 1 cent lower to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 13 to 15 cents higher; wheat futures are 1 cent lower to 5 cents higher. The U.S. stock market is firmer with the S&P up 30. The U.S. Dollar Index is 10 points lower. Interest rate products are weaker. Energies are weaker with crude 1.00 lower and natural gas off .17. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold off 4.00. CORN: Corn futures are 2 to 3 cents higher at midday, continuing to trade the lower end of the range as we head toward Friday's report with little fresh news or change to the forecasts. Ethanol margins remain stable with unleaded holding the upper end of the range. Weekly export sales showed improvement at 150,400 metric tons (mt) of old crop and 758,400 mt of new. Basis remained flat. On the report, trade is looking for yield at 175.5 bushels per acre (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 and the lower Bollinger Band at $4.72 below that. SOYBEANS: Soybean futures are 13 to 15 cents higher at midday with product action slowing down from the overnight strength in meal and little other fresh news pre-report. Meal is flat to 1.00 higher and oil is narrowly mixed. Weekly export sales were in line with expectations at 406,600 mt old and 1.1 million metric tons (mmt) new. Meal sales totaled 144,100 of old. Basis will likely remain flat int the short term. Weather looks to remain mostly good for the near term as we get deeper into pod-fill 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 $13.64 with the lower Bollinger Band at $12.80, which we bounced back from earlier in the week. WHEAT: Wheat futures are 1 cent lower to 5 cents higher with KC leading action again. Spreads are broadly firming as trade works to ease oversold conditions ahead of the USDA reports Friday. There is little fresh Black Sea news and harvest pressure for the north still lingers. Spring wheat harvest should continue to progress with winter wheat nearly wrapped up. The dollar is holding near the highs and Matif wheat is sharply weaker. Weekly export sales showed a bit more life at 567,600 mt. On the report, trade is looking for carryout at 595 mb. On the KC September chart, the 20-day moving average at $8.24 is well above the market with support the lower Bollinger Band at $7.24. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.