DTN Midday Grain Comments 09/01 10:58

DTN Midday Grain Comments 09/01 10:58 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 2 to 3 cents lower; wheat futures are 2 to 10 cents higher. Monday is the U.S. federal Labor Day holiday. Markets will be closed until 7 p.m. CDT. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 2 to 3 cents lower; wheat futures are 2 to 10 cents higher. Markets will be closed until 7 p.m. CDT. The U.S. stock market is mixed with the S&P up 5. The U.S. Dollar Index is 50 points higher. Interest rate products are weaker. Energies are firmer with crude 1.30 higher and natural gas up .05. Livestock trade is weaker. Precious metals are mixed with gold off 1.80. CORN: Corn futures are 3 to 4 cents higher at midday with early broad ag strength fading during the day session with warm and dry weather to continue in the short term as harvest starts to ramp up. The weather will continue to push the crop toward maturity, especially when the heat returns this weekend with early harvest activity to spread pretty quickly over the next week. Ethanol margins should stay stable in the near term with cheaper winter blends to crimp blending margins a bit. Basis should fade a bit more into harvest with notable pressure through the center of the belt. On the December chart we are back 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 $4.75 as support. SOYBEANS: Soybean futures are 2 to 3 cents lower as early strength fades again as the dollar rallies and harvest pressure starts with mixed product action. Meal is 2.50 to 3.50 lower and oil is 40 to 50 points higher. The daily export wire remained active with 198,000 metric tons (mt) booked by unknown as the selling streak continues. Basis will erode more into harvest with the hot weather likely to push maturity. November chart resistance is the July high at $14.35 with the upper Bollinger Band above the market at $14.14 as well, then the 20-day moving average down at $13.47 as bigger support. WHEAT: Wheat futures are 2 to 10 cents higher at midday with trade working to ease oversold conditions at the lower end of the range with KC trade emerging as the leader with firmer spread action at midday. Matif wheat is still weaker as the dollar holds at the upper end of the range with broad strength Friday. Weather looks warmer and drier into the early planting time frame. On the KC December chart, the 20-day moving average at $7.55 is resistance, with support the lower Bollinger Band at $7.22, which we bounced from Thursday. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.