DTN Midday Grain Comments 08/17 10:56

DTN Midday Grain Comments 08/17 10:56 Corn, Soybean Futures Higher at Midday; Wheat Lower Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 14 to 16 cents higher; wheat futures are 2 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 14 to 16 cents higher; wheat futures are 2 to 8 cents lower. The U.S. stock market is weaker with the S&P off 5. The U.S. Dollar Index is 5 points lower. Interest rate products are weaker. Energies are firmer with crude 1.40 higher and natural gas up .03. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold off 4.30. CORN: Corn futures are 3 to 4 cents higher at midday with trade finding light buying with trade extending gains from Wednesday into the middle of Thursday's session. Ethanol margins should remain fairly stable in the near term with summer driving season coming to a close. Weekly export sales were in line with recent weeks at 233,500 metric tons (mt) of old crop and 704,400 mt of new. Basis has remained flat in recent days. On the December chart, the 20-day moving average is above the market at $5.10 as resistance, with the $4.73 1/2 fresh low as support and the lower Bollinger Band at $4.54 below that. SOYBEANS: Soybean futures are 14 to 16 cents higher with warmer, drier weather in the short term keeping support in play; oil continues to lead the product complex. Meal is 1.50 to 2.50 higher and oil is 100 to 110 points higher. Weekly export sales were in line with expectations at 93,600 mt old crop and 1.408 million metric tons (mmt) new; 126,400 of meal and 220,500 of new; 700 of oil. Basis will likely remain flat in the short term. The forecasts look mostly dry over the next week as we get deeper into pod-filling with the extent of the heat still unknown. November chart resistance is the 20-day moving average at $13.46 with the lower Bollinger Band at $12.61 as further support. WHEAT: Wheat futures are 2 to 8 cents lower at midday with Minneapolis action leading. Trade remains oversold at the lower end of the range with Northern Hemisphere harvest pressure continuing, along with mixed spread action. 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. Russia and India look to be concluding an import deal as well. The dollar is holding near the highs and Matif wheat is slightly weaker. Weekly export sales edged a bit lower at 359,500 mt. On the KC September chart, the 20-day moving average at $8.00 is well above the market with support the lower Bollinger Band at $6.86. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.