DTN Midday Grain Comments 08/14 10:53

DTN Midday Grain Comments 08/14 10:53 Corn, Soybean Futures Higher at Midday; Wheat Flat-Higher Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 6 to 7 cents higher; wheat futures are flat to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 6 to 7 cents higher; wheat futures are flat to 4 cents higher. The U.S. stock market is mixed at midday with the S&P 13 points higher. The U.S. Dollar Index is 15 points lower. The interest rate products are firmer. Energy trade has crude .95 lower and natural gas .11 higher. Livestock trade is firmer with hogs leading. Precious metals are mixed with gold down 19.80. CORN: Corn futures are 3 to 4 cents higher with trade finding better buying during the day session as we remain rangebound overall with flat to firmer spread action. Weekly ethanol production was up by 5,000 barrels per day (bpd) with stocks off by 400,000 barrels. Warmer weather looks to return into the end of the month with lighter moisture to keep the crop moving along. Basis action will likely continue to fade toward harvest. Weekly export sales are expected to be in the 650,000 to 900,000 metric ton (mt) range between old and new crop on Thursday's report. On the September chart, the 20-day moving average at $3.91 is once again resistance with the lower Bollinger Band at $3.71 as support. SOYBEANS: Soybean futures are 6 to 7 cents higher at midday with trade seeing short-covering after making fresh lows again overnight as we look to ease deeply oversold conditions after extending the washout to start the week. Meal is 3.00 to 4.00 higher and oil is flat to 10 points lower. Warmer weather looks to return with some areas a bit drier but overall early podfill should be going well. Weekly export sales are expected to be in the 700,000 to 1.00 million metric ton (mmt) range Thursday between old and new crop. 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 9.40. WHEAT: Wheat futures are flat to 4 cents higher at midday with trade able to firm back off the lower end of the range with Chicago action leading trade so far. Spring wheat harvest should continue to expand with winter wheat harvest pretty well wrapped up for the Northern Hemisphere. The dollar is back to the lower end of the range with MATIF wheat back near the lows again with spreads needing to narrow from elevated levels. Weekly export sales are expected to be in the 300,000 to 450,000 mt range. 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 $5.41 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.