DTN Midday Grain Comments 08/21 10:46

DTN Midday Grain Comments 08/21 10:46 Corn and Wheat Lower; Beans Higher Midday Monday Corn trade is 6 to 7 cents lower; beans are 5 to 7 cents higher and wheat trade is 10 to 14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 6 to 7 cents lower; beans are 5 to 7 cents higher and wheat trade is 10 to 14 cents lower. The U.S. stock market is mixed with the S&P off 4. The U.S. Dollar Index is 0.07 higher. Interest rate products are weaker. Energies are firmer with crude $0.40 higher and natural gas up $0.07. Livestock trade is mixed with cattle leading. Precious metals are firmer with gold up $2.00. CORN: Corn trade is 6 to 7 cents lower with early gains fading during the day session as spillover support from soybeans ease. Hot weather will push the crop maturity in many areas this week with full effects not likely to show until later. Ethanol margins should remain stable to start the week with unleaded still easing a touch. The daily wire saw another sale to Mexico with 111,170 metric tons sold for new crop with export inspections still soft at 482,526 metric tons. Weekly crop progress will likely show steady conditions and above average maturity Monday. Basis has remained flat in recent days. On the December chart, the 20-day is above the market at $5.04 as resistance which we tested overnight with the $4.73 1/2 fresh low support with the lower Bollinger Band at $4.54 below that. SOYBEANS: Soybean trade is 5 to 7 cents higher at midday with trade filling the $13.79 gap on the November overnight with weather concerns dominating to start the week before fading during the day session with meal losing momentum first. Meal is flat to $1.00 higher and oil is 0.65 cents to 0.85 cents higher. The daily wire saw a small sale of 159,530 metric tons to unknown with weekly export inspections still soft at 316,074 metric tons. Basis will likely remain flat short term. Weekly crop progress will likely show steady conditions with maturity remaining above the five-year average. November chart resistance is the upper Bollinger Band at $14.14 after filling the gap overnight with the 20-day at $13.41 below that as support. WHEAT: Wheat trade is 10 to 14 cents lower at midday with harvest pressure and little change to the Black Sea situation over the weekend keeping action defensive after the strong finish on Friday while spread action remains pretty flat. Spring wheat harvest should push past the halfway point this week with it too early to worry about winter wheat planting conditions yet. The dollar is holding near the highs, and Matif wheat is softer. Weekly export inspections remain lackluster at 311,314 metric tons. On the KC September Chart, the 20-day at $7.86 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.