DTN Midday Grain Comments 08/16 11:54

DTN Midday Grain Comments 08/16 11:54 Corn, Soybeans, Wheat Futures Higher at Midday Corn futures are 7 to 8 cents higher at midday Wednesday ; beans are 24 to 26 cents higher and wheat trade is 7 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 7 to 8 cents higher at midday Wednesday ; beans are 24 to 26 cents higher and wheat trade is 7 to 9 cents higher. The U.S. stock market is firmer with the S&P off 3. The U.S. Dollar Index is 4 points lower. Interest rate products are mixed. Energies are weaker with crude .20 lower and natural gas off .08. Livestock trade is mixed. Precious metals are weaker with gold off .30. CORN: Corn futures are 7 to 8 cents higher at midday with light buying after fresh lows were scored again overnight with support from better soy action and oversold conditions as the country looks to be warmer and drier short term. Ethanol margins are narrowing a little with the weekly report showing production 46,000 barrels per day (bpd) higher and inventory was 555,000 barrels higher. Basis has remained flat in recent days. On the December chart the 20-day moving average is above the market at $5.13 as resistance, with the $4.73 1/2 fresh low as support and the lower Bollinger Band at $4.57 below that. SOYBEANS: Soybean futures are 24 to 26 cents higher at midday with trade rebounding from the Tuesday pullback with the warmer and drier short term weather likely to keep support in place above $13.00 for now and oil leading the product complex. Meal is 2.50 to 3.50 higher and oil is 180 to 190 points higher. Basis will likely remain flat in the short term. The forecasts look mostly dry over the next week as we get deeper into pod-fill with the extent of the heat still unknown. November chart resistance is the 20-day moving average at $13.50 with the lower Bollinger Band at $12.61 as further support. WHEAT: Wheat futures are 7 to 9 cents higher at midday with Minneapolis action retaking the lead Wednesday with fresh port attacks in Ukraine overnight. Spread action has been a bit more mixed. Spring wheat harvest should continue to move forward in the short term while trade isn't going to get too excited about fall moisture conditions yet. The dollar is holding near the highs and Matif wheat is lightly firmer Wednesday morning. On the KC September Chart, the 20-day moving average at $8.06 is well above the market with support the lower Bollinger Band at $6.90. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.