DTN Midday Grain Comments 08/25 10:41

DTN Midday Grain Comments 08/25 10:41 Corn and Beans in the Green Midday Friday Corn trade is 1 to 2 cents higher, beans are 12 to 13 cents higher and wheat trade is 7 cents lower to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 1 to 2 cents higher, beans are 12 to 13 cents higher and wheat trade is 7 cents lower to 4 cents higher. The U.S. stock market is mixed with the S& P off 10. The U.S. Dollar Index is 0.35 higher. Interest rate products are mixed. Energies are firmer with crude $0.90 higher and natural gas up $0.01. Livestock trade is mostly higher. Precious metals are mixed with gold up $0.30. CORN: Corn trade is 1 to 2 cents higher at midday Friday with trade remaining rangebound toward the weekend as the heat begins to abate a bit, although it will stay mostly dry. The weather will continue to push the crop toward maturity with the weekend cooldown limited. Ethanol margins should remain fairly stable with the range-bound action we've seen in unleaded and corn. The daily wire was quiet to close the week after a couple. Basis has remained flat in recent days. On the December chart, the 20-day is just above the market at $4.92 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 12 to 13 cents higher at midday with trade back to the gap area from the start the week with support from the continued finishing weather concerns, along with broader product strength. Meal is $2.00 to $3.00 higher and oil is 0.75 cent to 0.85 cent higher. The daily wire saw 121,000 metric tons sold to unknown to close the week. Basis will likely remain flat short term. November chart resistance is the upper Bollinger Band at $13.77, which we are just above at midday with the 20-day at $13.32 as support. WHEAT: Wheat trade is 7 cents lower to 4 cents higher with trade working to build broader strength after pushing off the lower end of the range midweek with the strong dollar still a headwind along with harvest pressure as action hangs just below nearby resistance. 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 after Fed Chairman Powell's comments, and Matif wheat is a bit lower. On the KC September Chart, the 20-day at $7.60 which we are tested overnight 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.