DTN Midday Grain Comments 08/19 10:51

DTN Midday Grain Comments 08/19 10:51 Corn, Soybean Futures Higher at Midday; Wheat Mixed Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 13 to 15 cents higher; wheat futures are 4 cents lower to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 13 to 15 cents higher; wheat futures are 4 cents lower to 4 cents higher. The U.S. stock market is firmer at midday with the S&P 20 points higher. The U.S. Dollar Index is 45 points lower. The interest rate products are firmer. Energy trade has crude .20 lower and natural gas .10 higher. Livestock trade is firmer. Precious metals are firmer with gold up 4.50. CORN: Corn futures are 4 to 5 cents higher with broad short-covering in row crops as the crop tour gets underway with oversold conditions easing a bit. Ethanol margins should see little change with unleaded still staying at the lower end of the range along with corn. Warmer weather looks to return into the end of the month with lighter moisture to keep the crop moving along, maturity-wise. The weekly Crop Progress report is expected to show steady conditions and maturity just ahead of the 5-year average. Basis action will likely continue to fade toward harvest with little change to start the week. Weekly export inspections were expected strong at 1.166 million metric tons (mmt). On the September chart, the 20-day moving average at $3.86 is once again resistance with the fresh low at $3.67 where we also find the lower Bollinger Band. SOYBEANS: Soybean futures are 13 to 15 cents higher at midday with trade working near the session highs and product strength across the board with more aggressive short-covering. Meal is 3.50 to 4.50 higher and oil is 40 to 50 points higher. Warmer weather looks to return with some areas a bit drier but little concerns. Crop Progess is expected to show steady conditions and maturity ahead of normal. The daily wire saw life with 332,000 metric tons (mt) of new crop to China and 110,000 mt of new crop to unknown with weekly export inspections staying within the recent range at 398,233 mt. Basis looks flat to start the week. The September chart resistance is at the 20-day moving average at $10.03, with support the fresh low at $9.36. WHEAT: Wheat futures are 4 cents lower to 4 cents higher with KC action leading as winter wheat harvest pressure fades a bit while spring wheat fades as harvest expands with overall choppy trade continuing. Spring wheat harvest should continue to expand with winter wheat harvest pretty well wrapped up for the Northern Hemisphere with harvest pressure lingering toward the September contract going into delivery. On the weekly Crop Progress report, spring wheat harvest should be near the 5-year average with steady conditions expected, with winter wheat near 100%. The dollar is testing the lower end of the range to add support with MATIF wheat giving back some of the Friday bounces as well. Weekly export inspections eased a bit from last week at 347,519 mt. On the KC September chart, resistance is the 20-day moving average at $5.52 which held yesterday, with the fresh low at $5.31 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.