DTN Midday Grain Comments 08/31 10:47

DTN Midday Grain Comments 08/31 10:47 Corn Futures are Higher at Midday; Soybeans Lower; Wheat Mixed Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 5 to 6 cents lower; wheat futures are 7 cents lower to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 5 to 6 cents lower; wheat futures are 7 cents lower to 2 cents higher. The U.S. stock market is firmer with the S&P up 10. The U.S. Dollar Index is 50 points higher. Interest rate products are weaker. Energies are firmer with crude .90 higher and natural gas off .04. Livestock trade is mixed. Precious metals are weaker with gold off 4.00. CORN: Corn futures are 1 to 2 cents higher with trade working back from early selling as we stay in the middle part of the range. 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 margins should remain stable into the holiday weekend. Weekly export sales showed improvement at 71,700 metric tons (mt) old crop and 991,800 mt new crop. Basis should start to fade a bit more into harvest. On the December chart we are just below the 20-day moving average at $4.88 as resistance after failing to hold it earlier in the week, with the lower Bollinger Band at $4.76 as support. SOYBEANS: Soybean futures are 5 to 6 cents lower with trade fading back again Thursday with export buying and weather keeping support in the upper end of the range. Meal is 3.50 to 4.50 lower and oil is 10 to 20 points higher. The daily export wire remained active with 123,000 mt booked by unknown as we have seen sales every day so far this week. Weekly export sales remained solid at 50,700 mt of old as the marketing year ends with 1.124 million metric tons (mmt) of new crop with meal at 61,700 mt old and 324,900 mt of new with 1,500 of oil. 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 $14.12 as well, then the 20-day moving average down at $13.45 as bigger support. WHEAT: Wheat futures are 7 cents lower to 2 cents higher at midday with trade bouncing back from the lows with oversold conditions battling the dollar rebound. Matif wheat is still in the lower end of the range despite firming yesterday with the dollar rebounding sharply as we are unable to extend our reversal. Weekly export sales were a little soft at 329,100 mt. Plains weather looks warmer and drier into the early planting time frame. On the KC December chart, the 20-day moving average at $7.56 is resistance with support the lower Bollinger Band at $7.20, which we are tested this morning. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.