DTN Midday Grain Comments 08/13 10:57

DTN Midday Grain Comments 08/13 10:57 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 20 to 22 cents lower; wheat futures are 5 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 20 to 22 cents lower; wheat futures are 5 to 11 cents lower. The U.S. stock market is firmer at midday with the S&P 60 points higher. The U.S. Dollar Index is 24 points lower. The interest rate products are firmer. Energy trade has crude 1.40 lower and natural gas .03 lower. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up 5.80. CORN: Corn futures are 6 to 7 cents lower at midday with post-report gains failing to hold with broad risk-off trade in the ags again Tuesday. On the report, yield moved to 183.1 bushels per acre (bpa) from 181.0 bpa last month. Acres fell by 728,000 and carryout was at 1.867 billion bushels (bb) versus 1.877 bb last month. New crop carryout was 2.073 bb versus 2.097 bb last month. World stocks were at 310.2 million metric tons (mmt) versus 311.6 mmt last month. Ethanol margins will remain rangebound with blender margins likely to fade into fall a bit. Warmer weather looks to return later in the week for most with a cool midmonth. Good to excellent crop condition was unchanged at 67% with 10% poor to very poor; progress was 60% in the dough versus 56% on average and 18% dented versus 12% on average. Basis action will likely continue to fade toward harvest. The daily export wire saw 137,160 metric tons (mt) of new crop sold to Mexico. On the September chart, the 20-day moving average at $3.91 is once again resistance with the lower Bollinger Band at $3.73 as support with the fresh low at the same level. SOYBEANS: Soybean futures are 20 to 22 cents lower at midday with trade again scoring fresh lows as sellers continue to pile in post-report with products slumping as well, even with notably improved export interest. Meal is 3.00 to 4.00 lower and oil is 65 to 75 points lower. On the report, acres rose by 1.15 million and yield rose to 53.2 bpa from 52.0 bpa with carryout at 345 mb on old crop, which was unchanged, with new crop at 560 mb versus 435 mb last month. World stocks rose from 127.8 mmt last month to 134.3 mmt. Weather looks to limit stress into next week with conditions unchanged at 68% good to excellent and 8% poor to very poor on the weekly report; 91% blooming versus 90% on average; 72% setting pods versus 70% on average. The daily export wire saw 132,000 mt of new-crop beans sold to China. Basis continues to slowly ease as well. The September chart resistance is at the 20-day moving average at $10.23, with support the fresh low at $9.48. WHEAT: Wheat futures are 5 to 11 cents lower with early strength fading again with pressure from the row crops and overseas weakness. On the report, carryout fell from 856 mb to 828 mb with spring wheat production falling by 48 mb while winter rose by 20 mb. World stocks were virtually unchanged at 256.6 mmt versus 257.2 mmt last month. Spring wheat harvest should continue to expand in the Northern Hemisphere as warmer weather returns with harvest 18% complete versus 21% on average with good to excellent off 2% to 72% good to excellent, and 5% poor to very poor with winter wheat 93% cut versus 91% on average. The dollar is back to the lower end of the range with MATIF wheat back near the lows again with the broad ags selloff. On the KC September chart, resistance is the 20-day moving average at $5.57, which we faded from, with the lower Bollinger band at $5.42 as support. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.