DTN Midday Grain Comments 08/22 10:50

DTN Midday Grain Comments 08/22 10:50 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 1 to 3 cents lower at midday Thursday; soybean futures are 16 to 18 cents lower; wheat futures are 7 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 3 cents lower at midday Thursday; soybean futures are 16 to 18 cents lower; wheat futures are 7 to 11 cents lower. The U.S. stock market is weaker at midday with the S&P 18 points lower. The U.S. Dollar Index is 48 points higher. The interest rate products are firmer. Energy trade has crude .90 higher and natural gas .13 lower. Livestock trade is firmer. Precious metals are weaker with gold off 34.00. CORN: Corn futures are 1 to 3 cents lower in quiet midday action with rangebound trade continuing as negative spillover limits the upside. Ethanol margins remain rangebound with corn and unleaded holding the lower end of the range. The crop tour continues to move forward with little in the way of surprises so far. Warmer weather looks to return into the end of the month for most and should 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. The daily export wire saw 110,490 metric tons (mt) sold to Mexico with 132,000 mt sold to unknown for new-crop. Weekly export sales were solid at 119,100 mt of old crop at 1.291 million metric tons (mmt) of new crop. On the September chart, the 20-day moving average at $3.82 is once again resistance with the fresh low at $3.67 where we also find the lower Bollinger Band. SOYBEANS: Soybean futures are 16 to 18 cents lower with trade sagging back to the lower end of the range with pod counts high on the crop tour and product action sagging in low volume. Meal is 5.00 to 6.00 lower and oil is 25 to 35 points lower. Warmer weather looks to return with mixed moisture into next week but little concerns overall. The daily export wire saw more sales with 198,000 mt sold to China and 105,000 mt of meal to Vietnam. Weekly export sales were good with 43,700 mt of old crop and 1.677 mmt of new with 20,100 of old meal, 136,400 of new and 10,500 of oil. Basis looks to remain flat to softer near term. The September chart resistance is at the 20-day moving average at $9.87, with support the fresh low at $9.36. WHEAT: Wheat futures are 7 to 11 cents lower with fresh lows scored on early fund selling before rebounding slightly as we move back to oversold conditions. Spring wheat harvest should continue to move forward with a more-active world export market expected to carry into fall. The dollar has firmed off the fresh lows, while MATIF values are flat at the lower end range. Weekly export sales were improved at 492,700 mt. On the KC September chart, resistance is the 20-day moving average at $5.48, with the fresh low at $5.21 as support which we bounced from this morning. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.