DTN Midday Grain Comments 08/11 10:50

DTN Midday Grain Comments 08/11 10:50 Corn Futures Higher at Midday; Soybeans Lower; Wheat Flat-Lower Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 9 to 10 cents lower; wheat futures are flat to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 9 to 10 cents lower; wheat futures are flat to 8 cents lower. The U.S. stock market is mixed with the S&P off 12. The U.S. Dollar Index is 22 points higher. Interest rate products are weaker. Energies are mixed with crude .75 higher and natural gas off .05. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold off 4.00. CORN: Corn futures are 1 to 2 cents higher at midday in quiet pre-report trade as we continue to consolidate at the lower end of the range with little fresh news pre-report. Ethanol margins remain stable with unleaded holding the upper end of the range and corn at the lower end. The daily wire saw a small 143,637 metric ton (mt) sale of new-crop corn sold to Mexico. Basis has remained flat as well. 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) and old at 1.411 bb. On the December chart the 20-day moving average is above the market at $5.21 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 9 to 10 cents lower at midday with trade working to hold the midweek rebound with softer product action so far helping to turn us lower, pre-report. Meal is 1.00 to 2.00 lower and oil is 30 to 50 points lower. Basis will likely remain flat in the short term. Weather looks to remain mostly good for the near term as we get deeper into pod-fill season with some areas of hotter and drier weather possible toward the end of the month. On the report, trade is looking for a yield of 51.2 bpa and carryout of 260 million bushels (mb) for new crop, with old crop at 255 mb. November chart resistance is the 20-day moving average at $13.62 with the lower Bollinger Band at $12.75, which we bounced back from earlier in the week. WHEAT: Wheat futures are flat to 8 cents lower at midday with Minneapolis action leading. Spread trade is generally firmer with little fresh news on the world front heading toward the report as Northern Hemisphere harvest continues to move forward. Spring wheat harvest should continue to progress with winter wheat nearly wrapped up in the U.S. The dollar is holding near the highs and Matif wheat is weaker. On the report, trade is looking for carryout at 595 mb. On the KC September chart, the 20-day moving average at $8.21 is well above the market with support the lower Bollinger Band at $7.18. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.