DTN Midday Grain Comments 08/28 11:00

DTN Midday Grain Comments 08/28 11:00 Corn, Soybean Futures Higher at Midday; Wheat Lower Corn futures are 5 to 6 cents higher at midday Monday; soybean futures are 12 to 13 cents higher; wheat futures are 6 to 15 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents higher at midday Monday; soybean futures are 12 to 13 cents higher; wheat futures are 6 to 15 cents lower. The U.S. stock market is firmer with the S&P up 19. The U.S. Dollar Index is 3 points higher. Interest rate products are firmer. Energies are firmer with crude .45 higher and natural gas up .10. Livestock trade is higher with cattle leading. Precious metals are mixed with gold up 8.10. CORN: Corn trade is 5 to 6 cents higher at midday with trade pressing back into resistance levels with the early strength. A private crop tour wrapped up with yield at 172.0 bushels per acre (bpa) nationally and hot, dry weather is returning after a brief cooldown to open the week. The weather will continue to push the crop toward maturity, especially when the heat returns. Weekly crop progress is expected to show a decline in conditions with maturity solidly ahead of the 5-year average. Ethanol margins should remain fairly stable with the range-bound action we've seen in unleaded and corn. The daily export wire continues to remain semi-active with 123,000 metric tons (mt) sold to Mexico. Weekly export inspections improved a bit at 597,144 mt. Basis has remained flat in recent days. On the December chart, the 20-day moving average is just below the midday action at $4.92 as resistance with the $4.73 1/2 fresh low support and the lower Bollinger Band at $4.75 just above that. SOYBEANS: Soybean futures are 12 to 13 cents higher at midday with weather concerns and a private crop tour showing yield at 49.7 bushels per acre (bpa) adding support early; action is about a dime off the overnight highs. Meal is narrowly mixed and oil is 15 to 25 points higher. The daily export wire reported a sale of 296,000 mt sold to unknown. Weekly export inspections are still soft seasonally at 322,149 mt. Weekly crop progress will likely show conditions off a bit, with maturity solidly ahead of the 5-year average. Basis will likely remain flat to softer in the short term. November chart resistance is the Upper Bollinger Band at $13.83, which we are above at midday, with the 20-day moving average at $13.36 as further support. WHEAT: Wheat futures are 6 to 15 cents lower at midday with early gains fading as Northern Hemisphere harvest pushes forward and ships continue to move on the new Black Sea corridor, along with the dollar remaining very strong. Spring wheat harvest will be well past halfway this week on the USDA report with winter wheat areas to see hotter and drier conditions ahead of planting after some rain this weekend. Matif wheat is sharply lower at midday. Weekly export inspections were in line with recent weeks at 390,364 mt. On the KC September Chart, the 20-day moving average at $7.57, which we tested overnight, is resistance with support the lower Bollinger Band at $7.23. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.