DTN Midday Grain Comments 08/23 10:45

DTN Midday Grain Comments 08/23 10:45 Grain Futures Seeing Green Midday Wednesday Corn trade is 5 to 6 cents higher, beans are 6 to 7 cents higher and wheat trade is 6 to 11 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 5 to 6 cents higher, beans are 6 to 7 cents higher and wheat trade is 6 to 11 cents higher. The U.S. stock market is firmer with the S& P up 42. The U.S. Dollar Index is 0.08 lower. Interest rate products are firmer. Energies are weaker with crude $0.75 lower and natural gas off $0.05. Livestock trade is mostly higher. Precious metals are firmer with gold up $18.00. CORN: Corn trade is 5 to 6 cents higher midday Wednesday with trade popping back into the middle of the recent range after holding the recent low overnight, with hot weather continuing short term. The weather will push the crop maturity in many areas this week with full effects not likely to show until later. Ethanol production was off 21,000 barrels with stocks off 645,000 barrels with margins still mostly stable. The daily wire was quiet after a couple sales to start the week. Basis has remained flat in recent days. On the December chart, the 20-day is above the market at $4.96 as resistance 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 6 to 7 cents higher at midday with meal leading the product complex as oil rebounds and warm weather continues with trade firming sharply back off the test of support overnight. Meal is $4.50 to $5.50 higher and oil is 0.65 cent to 0.75 cent higher. The daily wire saw 100,000 metric tons of soy meal sold to unknown. Basis will likely remain flat short term. November chart resistance is the upper Bollinger Band at $13.83 after filling the gap Monday with the 20-day at $13.32 as support, which we tested overnight. WHEAT: Wheat trade is 6 to 11 cents higher at midday with trade working to hold the reversal higher from late in the day Tuesday with harvest pressure likely to ease further, while the strong dollar has backed off fresh highs to add some support. Spring wheat harvest should continue to push along with the western Plains possibly getting some pre-planting moisture towards the end of the week. The dollar is holding near multi-month highs, and Matif wheat is slightly higher. On the KC September Chart, the 20-day at $7.70 is well above the market with support the lower Bollinger Band at $6.97. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.