DTN Midday Grain Comments 08/15 10:51

DTN Midday Grain Comments 08/15 10:51 Soybean Futures are Higher at Midday; Corn Flat-Lower; Wheat Mixed Corn futures are flat to 2 cents lower at midday Thursday; soybean futures are 8 to 9 cents higher; wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 2 cents lower at midday Thursday; soybean futures are 8 to 9 cents higher; wheat futures are narrowly mixed. The U.S. stock market is firmer at midday with the S&P 70 points higher. The U.S. Dollar Index is 35 points higher. The interest rate products are weaker. Energy trade has crude 1.30 higher and natural gas .05 higher. Livestock trade is mixed. Precious metals are firmer with gold up 15.50. CORN: Corn futures are flat to 2 cents lower with trade seeing a quiet session so far as we consolidate the recent range further. Ethanol margins should see little change with back-end blender margins pressured a little with cheaper unleaded values. Warmer weather looks to return into the end of the month with lighter moisture to keep the crop moving along, maturity-wise. Basis action will likely continue to fade toward harvest. Weekly export sales were 120,500 metric tons (mt) of old crop and 800,500 mt of new. On the September chart, the 20-day moving average at $3.88 is once again resistance with the lower Bollinger Band at $3.71 as support. SOYBEANS: Soybean futures are 8 to 9 cents higher at midday with short-covering continuing to ease oversold conditions while meal leads the product complex. Meal is 4.00 to 5.00 higher and oil is 15 to 25 points higher. Warmer weather looks to return with some areas a bit drier, but overall early podfill should be going well. Weekly export sales reported at a solid 221,700 mt of old crop and 1.34 million metric tons (mmt) of new; 113,700 of old meal and 140,100 of new; with 700 of oil. Basis continues to slowly ease as well. The September chart resistance is at the 20-day moving average at $10.14, with support the fresh low at $9.40. WHEAT: Wheat futures are narrowly mixed with trade fading back from the overnight test of resistance to the lower end of the recent range as world values slip as well. Spring wheat harvest should continue to expand with winter wheat harvest pretty well wrapped up for the Northern Hemisphere. The dollar is holding the lower end of the range with MATIF wheat fading to the contract lows again. Weekly export sales stayed in the range with 399,900 mt of old crop and -66,800 mt of new crop. On the KC September chart, resistance is the 20-day moving average at $5.55, which we tested overnight, with the lower Bollinger band at $5.40 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.