DTN Midday Grain Comments 08/23 11:53

DTN Midday Grain Comments 08/23 11:53 Corn Futures Mixed, Soybeans Higher, Wheat Lower at Midday Corn futures are narrowly mixed; soybean futures are 9 to 10 cents higher and wheat futures are 2 to 6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed; soybean futures are 9 to 10 cents higher and wheat futures are 2 to 6 cents lower. The U.S. stock market is firmer at midday with the S&P 59 points higher. The dollar index is 80 points lower. The interest rate products are firmer. Energy trade have crude 1.60 higher and natural gas .03 lower. Livestock trade is firmer. Precious metals are firmer with gold up 33.00. CORN: Corn futures are narrowly mixed at midday with trade holding the range heading towards the weekend with buying enthusiasm still limited but support showing as we hold last week's lows. Ethanol margins should remain mostly rangebound with Labor Day coming up as the last big travel weekend of the summer. Weather looks to mostly keep maturity moving forward ahead of the 5-year average with the crop tour wrapping up with record yield potential for the center of the belt. Basis action will likely continue to fade towards harvest with most places rolling bids to the December contract. The daily export wire was quiet after the recent sales. On the September chart the 20-day at 3.81 is once again resistance with the fresh low at $3.67 where we also find the lower Bollinger Band. SOYBEANS: Soybean futures are 9 to 10 cents higher at midday with oil leading the product complex as trade looks to regain momentum after the Thursday washout. Meal is .50 to 1.50 lower and oil is 100 to 110 points higher. Warmer weather looks to return with mixed moisture into next week but little concerns overall with the crop tour finding the podcounts to confirm record potential. The daily wire saw another 120,000 metric tons of soybeans sold to unknown. 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 recent low at 9.36. WHEAT: Wheat futures are 2 to 6 cents lower at midday with quiet action in the lower end of the range after trade washed to fresh lows yesterday with bullish news remaining in short supply. Northern Hemisphere harvest should be on the downhill run now with trade watching to see if the Canadian government intervention halts the rail lockout while other world export action keeps a lid on cash action. The dollar is scoring fresh lows, while MATIF values are flat to lower at the bottom end of the range. On the KC September Chart resistance is the 20-day at $5.47, with the fresh low at $5.21 as support which we continue to hold above at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.