DTN Midday Grain Comments 08/20 10:50

DTN Midday Grain Comments 08/20 10:50 Corn, Soybean Futures Lower at Midday; Wheat Higher Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 1 to 2 cents lower; wheat futures are 3 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 1 to 2 cents lower; wheat futures are 3 to 6 cents higher. The U.S. stock market is softer at midday with the S&P 16 points lower. The U.S. Dollar Index is 27 points lower. The interest rate products are firmer. Energy trade has crude .40 lower and natural gas .04 lower. Livestock trade is weaker with cattle the downside leader. Precious metals are firmer with gold up 8.50. CORN: Corn futures are 2 to 3 cents lower Tuesday, struggling to extend Monday's gains with rangebound action continuing. Ethanol margins should see little change with unleaded still at the lower end of the range to start the week. Warmer weather looks to return into the end of the month with lighter moisture. The weekly Crop Progress report showed conditions unchanged at 67% good to excellent and 11% poor to very poor; 74% in the dough versus 71% on average; 30% dented versus 26% on average; and 5% mature versus 3% on average. Basis action will likely continue to fade toward harvest with most places rolling bids to the December contract. On the September chart, the 20-day moving average at $3.85 is once again resistance with the fresh low at $3.67 where we also find the lower Bollinger Band. SOYBEANS: Soybean futures are 1 to 2 cents lower at midday with two-sided action as export demand continues to show life. Meal is narrowly mixed, as is oil. Warmer weather looks to return with some areas a bit drier but little concerns. Weekly Crop Progress showed conditions unchanged at 68% good to excellent and 8% poor to very poor; 95% blooming same as average; and 81% setting pods versus 80% on average. The daily export wire saw more sales Tuesday with 132,000 metric tons (mt) sold to China and 239,492 mt to Mexico for new crop. Basis looks flat to start the week. The September chart resistance is at the 20-day moving average at $9.98, with support the fresh low at $9.36. WHEAT: Wheat futures are 3 to 6 cents higher at midday with better action during the day session trade as Chicago action presses into resistance levels. On the weekly report, spring wheat harvest was 31% complete versus 36% on average; conditions 73% good to excellent and 5% poor to very poo, 1% better on the week; winter wheat 96% harvested versus 95% on average. The dollar is testing the lower end of the range to add support again with MATIF wheat finding light buying so far. 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 $5.51, 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.