DTN Midday Grain Comments 08/29 10:54

DTN Midday Grain Comments 08/29 10:54 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are flat to 1 cent lower at midday Tuesday; soybean futures are 7 to 8 cents lower; wheat futures are 3 to 18 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent lower at midday Tuesday; soybean futures are 7 to 8 cents lower; wheat futures are 3 to 18 cents lower. The U.S. stock market is firmer with the S&P up 44. The U.S. Dollar Index is 30 points lower. Interest rate products are firmer. Energies are mixed with crude .30 higher and natural gas off .01. Livestock trade is mixed. Precious metals are firmer with gold up 16.70. CORN: Corn futures are flat to 1 cent lower at midday with trade working to hold the move through nearby resistance levels. There is weaker overall ag action this morning and little change to the near-term weather forecast. The weather will continue to push the crop toward maturity, especially when the heat returns. Weekly crop progress showed corn 88% in the dough versus 86% average; 51% dented versus 49% average; and 9% mature versus 8% average. Corn rated good to excellent fell 2 percentage points to 57%; 17% poor to very poor. Ethanol margins narrowed a bit to start the week, with blender margins taking a hit from the coming switch over to winter blends. Basis should start to fade a bit more into harvest. On the December chart, we are just above the 20-day moving average at $4.91 as support after we moved above it Monday, with the $5.00 area as resistance. SOYBEANS: Soybean futures are 7 to 8 cents lower at midday with trade fading off the highs but showing better support at the upper end of the range during the day session with little change to short-term weather and action edging toward overbought. Meal is 5.00 to 6.00 lower and oil is 10 to 20 points higher. The daily export wire continued to show life with 246,100 metric tons (mt) sold to unknown and 105,000 mt of meal to unknown. Weekly crop progress showed 91% of soybeans setting pods versus 90% average; 5% dropping leaves versus 6% average. Conditions were 58% good to excellent, down 1 percentage point; 14% poor to very poor, up 1 percentage point. Basis will likely remain flat to softer in the short term. November chart resistance is the July high at $14.35 with the lower Bollinger Band just above the market at $14.00, then the 20-day moving average down at $13.39. WHEAT: Wheat futures are 3 to 18 cents lower at midday with buying interest remaining limited. Harvest pressure and the strong dollar are limiting buying interest, along with negative spread action versus the row crops. Spring wheat harvest is 54% complete versus 63% on average with winter wheat areas to see hotter and drier conditions ahead of planting after some rain this weekend. Matif wheat is weaker with the dollar holding just off multi-month highs. On the KC December Chart, the 20-day moving average at $7.64 is resistance with support the lower Bollinger Band at $7.31. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.