DTN Midday Grain Comments 08/15 10:49

DTN Midday Grain Comments 08/15 10:49 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 7 to 8 cents lower at midday Tuesday; soybean futures are 14 to 16 cents lower; wheat futures are 8 to 14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 7 to 8 cents lower at midday Tuesday; soybean futures are 14 to 16 cents lower; wheat futures are 8 to 14 cents lower. The U.S. stock market is weaker with the S&P off 30. The U.S. Dollar Index is 20 points lower. Interest rate products are mixed. Energies are weaker with crude 1.50 lower and natural gas off .15. Livestock trade is mixed. Precious metals are weaker with gold off 5.50. CORN: Corn futures are 7 to 8 cents lower at midday with trade scoring fresh lows after the improvement on the crop progress report, while warmer drier temps look to be around for the short term. Ethanol margins remain stable with unleaded holding the upper end of the range and corn at the lower end. Weekly crop progress showed good to excellent 2 percentage points better at 59; Poor to very poor was 13%, down 1 percentage point. Silking was equal to average at 96%; in the dough was 65% versus 63% on average; dented was 18% dented versus and average of 15%. Basis has remained flat in recent days. On the December chart, the 20-day moving average is above the market at $5.17 as resistance, with the $4.77 fresh low as support with the lower Bollinger Band at $4.62 below that. SOYBEANS: Soybean futures are 14 to 16 cents lower at midday with trade fading after significant improvement on the weekly crop progress report Monday. Weather stress is expected to return this week and Chinese economic concerns are weighing on trade. Meal is 10.00 to 11.00 lower and oil is 75 to 85 points higher. Basis will likely remain flat in the short term. Weekly crop progress showed good to excellent at 59%, 5 percentage points better, with poor to very poor down 2 percentage points to 12%. Blooming was 94% versus 92% on average; setting pods was and 78% versus 75% on average. November chart resistance is the 20-day moving average at $13.55 with the lower Bollinger Band at $12.66 as further support. WHEAT: Wheat futures are 8 to 14 cents lower with KC action leading with firmer spread action at midday. Trade is struggling to sustain short-covering as harvest pressure fades with little other fresh news for now as reactions to Black Sea events remain muted. Spring wheat harvest was 24% complete versus 28% on average, with 42% rated good to excellent, up 1 percentage point, and 20% rated poor to very poor. Winter wheat is 92% harvested, same as average. The dollar is holding near the highs and Matif wheat is slightly lower Tuesday morning. On the KC September chart, the 20-day moving average at $8.13 is well above the market with support the lower Bollinger Band at $7.00. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.