DTN Midday Grain Comments 08/18 10:49

DTN Midday Grain Comments 08/18 10:49 Grain Futures Higher Midday Friday Corn trade is 6 to 7 cents higher; beans are 21 to 22 cents higher and wheat trade is 12 to 20 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 6 to 7 cents higher; beans are 21 to 22 cents higher and wheat trade is 12 to 20 cents higher. The U.S. stock market is weaker with the S&P off 10. The U.S. Dollar Index is 0.20 lower. Interest rate products are firmer. Energies are mixed with crude $0.05 higher and natural gas off $0.05. Livestock trade is firmer. Precious metals are firmer with gold up $7.30. CORN: Corn trade is 6 to 7 cents higher at midday Friday with trade following soybeans higher and oversold conditions easing. Flat spread action is helping action ahead of the warmer and drier stretch coming. Ethanol margins are narrowing a bit as unleaded fades off the upper end of the range. The daily wire showed a little life with 112,000 metric tons of corn sold to Mexico. Basis has remained flat in recent days. On the December chart the 20-day is above the market at $5.08 as resistance with the $4.73 1/2 fresh low support with the lower Bollinger Band at $4.54 below that. SOYBEANS: Soybean trade is 21 to 22 cents higher at midday with warmer, drier weather short term to keep support in place, with meal leading the product complex so far. Meal is $4.50 to $5.50 higher and oil is 0.40 cent to 0.50 cent higher. The daily wire was quiet again Thursday with trade watching for more fresh sales to show up soon with combined weekly export sales in line with expectations at 93,600 metric tons old crop, 1.408 million of new, 126,400 of meal, and 220,500 of new, with 700 of oil. Basis will likely remain flat short term. The forecasts look mostly dry over the next week as we get deeper into podfill with the extent of the heat still unknown into the end of next week. November chart resistance is the 20-day at $13.44 which we are just above at midday with the lower Bollinger Band at $12.63 as further support. WHEAT: Wheat trade is 12 to 12 cents higher at midday following the lead of the row crops with short covering so far amid oversold conditions and harvest pressure easing along with continued Black Sea uncertainty with some port fires this morning. Spring wheat harvest should continue to move forward 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 firmer. On the KC September Chart, the 20-day at $7.94 is well above the market with support the lower Bollinger Band at $6.80. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.