DTN Midday Grain Comments 08/14 10:56

DTN Midday Grain Comments 08/14 10:56 Corn, Wheat Futures Lower at Midday; Soybeans Higher Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are 14 to 16 cents higher; wheat futures are 10 to 22 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are 14 to 16 cents higher; wheat futures are 10 to 22 cents lower. The U.S. stock market is firmer with the S&P up 15. The U.S. Dollar Index is 30 points higher. Interest rate products are mixed. Energies are weaker with crude .50 lower and natural gas off .01. Livestock trade is weaker with hogs the downside leader. Precious metals are weaker with gold off 4.00. CORN: Corn futures are 2 to 3 cents lower at midday with trade fading back to the lower end of the range again. Early buying faded with warmer and drier weather forecast in the short term to push the crop along. Ethanol margins remain stable with unleaded holding the upper end of the range and corn at the lower end. Weekly export inspections remained soft at 398,269 metric tons (mt). Weekly crop progress should show corn's good-to-excellent rating slightly higher, with maturity remaining just ahead of the 5-year average. Basis has remained flat in recent days. On the December chart, the 20-day moving average is above the market at $5.19 as resistance, with the $4.81 recent low as support and the lower Bollinger Band at $4.66 below that. SOYBEANS: Soybean futures are 14 to 16 cents higher at midday with warmer and drier weather in the short term supporting buying. Trade is still holding well above last week's lows with broader product support emerging. Meal is 4.50 to 5.50 higher and oil is 20 to 40 points higher. The daily export wire saw 416,000 mt of new crop booked by unknown destinations. Weekly export inspections were still soft at 297,797 mt. Basis will likely remain flat in the short term. Weekly crop progress is expected to show steady to slightly better conditions with maturity continuing to hold above the 5-year average. November chart resistance is the 20-day moving average at $13.58 with the lower Bollinger Band at $12.68 as further support. WHEAT: Wheat futures are 10 to 22 cents lower at midday with early gains fading again. Action has extended the lower end of the range slightly with mixed spread action so far. There has been little reaction to the weekend's developments in the Black Sea area as Northern Hemisphere harvest continues to move forward. Spring wheat harvest should continue to move ahead at an average to slightly above pace with winter wheat nearly wrapped up in the U.S. with spring wheat conditions likely steady to a little weaker on the report Monday. Weekly export inspections were disappointing at 183,289 mt. The dollar is holding near the highs and Matif wheat is weaker to start the week. On the KC September chart, the 20-day moving average at $8.17 is well above the market with support the lower Bollinger Band at $7.07. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.