DTN Midday Grain Comments 08/24 10:43

DTN Midday Grain Comments 08/24 10:43 Grain Futures Red Midday Thursday Corn trade is 5 to 6 cents lower, beans are 1 to 2 cents lower and wheat trade is 3 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 5 to 6 cents lower, beans are 1 to 2 cents lower and wheat trade is 3 to 8 cents lower. The U.S. stock market is weaker with the S&P off 25. The U.S. Dollar Index is 0.38 higher. Interest rate products are weaker. Energies are mixed with crude $0.40 lower and natural gas up $0.03. Livestock trade is mostly higher. Precious metals are mixed with gold up $0.30. CORN: Corn trade is 5 to 6 cents lower at midday Thursday with trade holding most of the midweek rebound due to heat and outside markets providing a bit more of a headwind. The weather will continue to push the crop toward maturity this week. Ethanol margins should remain fairly stable with the range-bound action. The daily wire was quiet after a couple sales to start the week with weekly sales softened a little with -22,500 metric tons of old crop, and 673,500 of new. Basis has remained flat in recent days. On the December chart the 20-day is above the market at $4.94 as resistance with the $4.73 1/2 fresh low support and the lower Bollinger Band at $4.61 below that. SOYBEANS: Soybean trade is 1 to 2 cents lower at midday with two-sided action during the day session so far, with trade fading off the upper end of the range as soy oil drags the product complex lower and heat continues toward the weekend. Meal is $6.00 to $7.00 higher and oil is 1.10 cents to 1.20 cents lower. The daily wire was quiet with weekly sales improved at 364,900 metric tons of old crop, and 1.22 million of new, with 71,400 of old meal, 202,600 of new, and 1,800 of oil. Basis will likely remain flat short term. The crop tour was a bit more mixed on pod counts Wednesday. November chart resistance is the upper Bollinger Band at $13.77 after filling the gap Monday with the 20-day at $13.32 as support, which we tested Wednesday. WHEAT: Wheat trade is 3 to 8 cents lower at midday with trade working to consolidate the midweek gains as the dollar rebounds and harvest presses forward. Spring wheat harvest should continue to push along with the western Plains, possibly getting some pre-planting moisture toward the end of the week. The dollar is holding near multi-month highs, rebounding again after Wednesday's weakness, and Matif wheat is slightly firmer. Weekly export sales improved slightly at 406,000 metric tons. On the KC September Chart, the 20-day at $7.65 is solidly above the market with support the lower Bollinger Band at $7.07. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.