DTN Midday Grain Comments 08/30 11:00

DTN Midday Grain Comments 08/30 11:00 Corn, Soybean Futures Lower at Midday; Wheat Mixed Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 7 to 9 cents lower; wheat futures are 3 cents lower to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 7 to 9 cents lower; wheat futures are 3 cents lower to 6 cents higher. The U.S. stock market is firmer with the S&P up 20. The U.S. Dollar Index is 50 points lower. Interest rate products are firmer. Energies are mixed with crude .20 lower and natural gas up .08. Livestock trade is weaker. Precious metals are firmer with gold up 7.70. CORN: Corn futures are 3 to 4 cents lower at midday with early strength fading as we remain rangebound with little change to the short-term forecast or other fresh news to excite the market. The weather will continue to push the crop toward maturity, especially when the heat returns toward the weekend with early harvest activity to be more widespread into the southern part of the belt soon. Ethanol production edged lower on the weekly report, off 41,000 barrels per day (bpd) with a sharp stock draw of 1.181 million barrels ahead of Labor Day travel. Basis should start to fade a bit more into harvest. On the December chart, we are back below the 20-day moving average at $4.90 as resistance after failing to hold it Tuesday, with the lower Bollinger Band at $4.76 as support. SOYBEANS: Soybean futures are 7 to 9 cents lower with trade pressing back to $14.00 on the November contract before fading again, unable to extend gains even with concerning short-term weather and export demand showing more life this week. Meal is 3.00 to 4.00 lower and oil is 20 to 30 points lower. The daily export wire remained active Wednesday with 266,000 metric tons (mt) booked by unknown destinations. Basis will likely remain flat to softer in the short term. November chart resistance is the July high at $14.35 with the upper Bollinger Band above the market at $14.10, then the 20-day moving average down at 13.43 as bigger support. WHEAT: Wheat futures are 3 cents lower to 6 cents higher as trade works to find sustained short-covering at the lower end of the range. Chicago action is leading so far as spring wheat harvest continues to add pressure and the dollar eases further from recent highs. Matif wheat is firmer with the dollar holding just off multi-month highs after the reversal Tuesday. Plains weather looks warmer and drier into the early planting time frame. On the KC December Chart, the 20-day moving average at $7.60 is resistance with support the lower Bollinger Band at $7.28, which we are testing at midday. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.