DTN Midday Grain Comments 08/22 10:44

DTN Midday Grain Comments 08/22 10:44 Grain Futures Lower Midday Tuesday Corn trade is 6 to 7 cents lower; beans are 19 to 20 cents lower and wheat trade is 3 to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 6 to 7 cents lower; beans are 19 to 20 cents lower and wheat trade is 3 to 10 cents lower. The U.S. stock market is mixed with the S&P up 1. The U.S. Dollar Index is 0.30 higher. Interest rate products are mixed. Energies are mixed with crude $0.25 lower and natural gas off $0.04. Livestock trade is mostly lower. Precious metals are firmer with gold up $2.00. CORN: Corn trade is 6 to 7 cents lower midday Tuesday with early mixed action turning to selling, with a mostly risk-off day across commodities with support from hot weather limited. The 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 of 240,000 metric tons to Mexico as the daily wire has remained a bit more active. Weekly crop progress showed good to excellent at 58%, off 1% on the week, with 15% poor to very poor, up 2% with 78% in the dough vs. 77% on average, and 35% dented vs. 33% on average, and 4% mature same as average. Basis has remained flat in recent days. On the December chart the 20-day is above the market at $4.99 as resistance which we tested Monday with the $4.73 1/2 fresh low support which we just above at midday with the lower Bollinger Band at $4.61 below that. SOYBEANS: Soybean trade is 19 to 20 cents lower with risk-off trade and weaker product action overshadowing the hot near-term weather along with the concerning extended forecast. Meal is $7.00 to $8.00 lower and oil is 1.90 cents to 2.00 cents lower. The daily wire was quiet after a small sale to start the week. Basis will likely remain flat short term. Weekly crop progress showed good to excellent at 59% poor to very poor unchanged on the week, and 13% poor to very poor, up 1% with 96% blooming same as average, and 86% setting pods vs. 84% on average. November chart resistance is the upper Bollinger Band at $14.10 after filling the gap with the 20-day at $13.38 as support, which we are just above at midday. WHEAT: Wheat trade is 3 to 10 cents lower with trade consolidating further in the lower end of the range with little fresh news to push action and harvest pressure still lingering. Spring wheat harvest is lagging a bit at 39% vs. 46% on average, and 38% good to excellent, off 4%, and poor to very 23%, up 3% on the week with winter wheat 96% harvested same as average. The dollar is holding near multi-month highs, and Matif wheat is slightly lower. On the KC September Chart, the 20-day at $7.77 is well above the market with support the lower Bollinger Band at $6.95. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.