DTN Midday Grain Comments 08/16 11:11

DTN Midday Grain Comments 08/16 11:11 Corn, Soybean Futures Lower at Midday; Wheat Flat-Higher Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 10 to 11 cents lower; wheat futures are flat to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 10 to 11 cents lower; wheat futures are flat to 3 cents higher. The U.S. stock market is softer at midday with the S&P 5 points lower. The U.S. Dollar Index is 20 points lower. The interest rate products are mixed. Energy trade has crude 1.45 lower and natural gas .05 lower. Livestock trade is sharply lower. Precious metals are mixed with gold up 32.50. CORN: Corn futures are 3 to 4 cents lower at midday with trade fading back to fresh lows with broad selling returning after midweek gains failed to hold Thursday, but we have firmed off the lows. Ethanol margins should see little change with backend blender margins pressured a little with cheaper unleaded values into fall. 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. On the September chart, the 20-day moving average at $3.88 is once again resistance with the fresh low at $3.67, where we also find the lower Bollinger Band. SOYBEANS: Soybean futures are 10 to 11 cents lower with trade scoring fresh lows as well with product weakness and little other fresh news to entice buyers besides deeply oversold conditions. Meal is 2.00 to 3.00 lower and oil is 30 to 40 points lower. Warmer weather looks to return with some areas a bit drier, but overall little concerns are around nationally. Basis continues to slowly ease. The September chart resistance is at the 20-day moving average at $10.09, with support the fresh low at $9.36. WHEAT: Wheat futures are flat to 3 cents higher with Chicago action trying to lead trade back from the washout to fresh lows after we failed at resistance levels Thursday. Spring wheat harvest should continue to expand with winter wheat harvest pretty well wrapped up for the Northern Hemisphere with harvest pressure lingering. The dollar is holding the lower end of the range with MATIF wheat trying to firm off fresh lows as they head toward their close. On the KC September chart, resistance is the 20-day moving average at $5.55, which held yesterday, with the fresh low at $5.31 as support. ** Editor's Note: Don't miss out on DTN's latest outlooks for harvest weather and market conditions. Register for our free Aug. 20 DTN Ag Summit Series webinar, Weather Drives Price Prospects for Remainder of 2024. DTN Lead Analyst Todd Hultman and DTN Ag Meteorologist John Baranick untangle the relationships between the weather, supply and demand fundamentals and noncommercial traders. Don't miss Baranick's session: Where Did La Nina Go? Its Impact on The Long-Range Forecast and Hultman's session: Grain Market Outlook: Farmers & Funds Face Off on Price Direction. Your registration also gives you access to a rebroadcast of the event for later use. To sign up for this free, two-hour virtual event, go here: https://dtn.link/AgSummitSeries-Fall. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.