DTN Midday Grain Comments 08/21 10:52

DTN Midday Grain Comments 08/21 10:52 Soybean Futures Higher at Midday; Corn Flat-Higher; Wheat Lower Corn futures are flat to a penny higher at midday Wednesday; soybean futures are 1 to 2 cents higher; wheat futures are 4 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny higher at midday Wednesday; soybean futures are 1 to 2 cents higher; wheat futures are 4 to 11 cents lower. The U.S. stock market is mixed at midday with the S&P 12 points higher. The U.S. Dollar Index is 10 points lower. The interest rate products are firmer. Energy trade has crude .10 lower and natural gas .06 lower. Livestock trade is mixed with cattle the downside leader. Precious metals are mixed with gold off 6.00. CORN: Corn futures are flat to a penny higher at midday with rangebound action continuing as the crop tour progresses and other fresh news remains limited with light two-sided action so far. The weekly ethanol report showed production up by 26,000 barrels per day (bpd), with stocks up by 200,000 barrels. Warmer weather looks to return into the end of the month for most to keep maturity moving along just ahead of the average pace nationally. Basis action will likely continue to fade toward harvest with most places rolling bids to the December contract. U.S. corn is priced competitively on the world market. On the September chart, the 20-day moving average at $3.83 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 higher at midday with trade struggling to hold gains, but buyers have shown up on dips with the crop tour confirming record potential so far along with more export sales hitting the wire. Meal is flat to 1.00 higher and oil is 40 to 50 points higher. Warmer weather looks to return with some areas a bit drier, but little concern overall. The daily export wire saw more sales with 132,000 metric tons (mt) sold to China and 121,000 mt to unknown for new-crop, keeping the more-active pace alive. Basis looks to remain flat to softer in the near term. The September chart resistance is at the 20-day moving average at $9.93, with support the fresh low at $9.36. WHEAT: Wheat futures are 4 to 11 cents lower with Minneapolis action leading as winter wheats failed at nearby resistance levels again overnight with trade staying rangebound. Spring wheat harvest should continue to move forward with a more-active world export market starting to show with Mediterranean area interest picking up for Black Sea and Turkish origin but purchase premiums are limited. The dollar is holding near the low end of the range again with MATIF wheat washing back to the lows as well. On the KC September chart resistance is the 20-day moving average at $5.50, which we tested overnight, 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.