DTN Midday Grain Comments 08/26 10:57

DTN Midday Grain Comments 08/26 10:57 Corn, Wheat Lower, Soybeans Higher at Midday Corn trade is 3 to 5 cents lower at midday; beans are steady to 2 cents higher; wheat is 1 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 3 to 5 cents lower at midday; beans are steady to 2 cents higher; wheat is 1 to 11 cents lower. The U.S. stock market is mixed at midday with the S & P 16 points lower. The U.S. Dollar Index is 10 points higher. The interest rate products are weaker. Energy trade has crude 2.40 higher and natural gas 0.07 lower. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up 3.70. CORN: Corn is down 3 to 5 cents at midday with fresh lows being scored again as we head towards delivery of the September contract. Trade was able to edge off the lows with support from better soybean action but fresh news remains limited otherwise. 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 five-year average with the weekly progress report likely to show steady conditions and maturity remaining just ahead of the five-year pace. Basis action will likely continue to fade towards harvest with most places rolling bids to the December contract. The daily export wire was quiet to start with weekly export inspections rangebound at 894,295 metric tons (mt). On the September chart the 20-day at 3.78 is once again resistance with the fresh low at $3.61 3/4 scored overnight. SOYBEANS: Soybeans are steady to 2 cents higher at midday. Trade bounced back from the initial gap lower as we held the contract lows and found buying during the day session with the record crop tour yield estimates looking to be digested ahead of time. Meal is flat to 1.00 higher and oil is 60 to 70 points higher. Warmer weather looks to ease after Monday after a well above normal weekend for most helped to push maturity with the weekly progress report expected to show steady conditions and maturity solidly ahead of the five-year average. The daily wire was expected to remain active after last week's sales but nothing hit the wire Monday with weekly inspections rangebound at 411,165 mt. Basis looks to fade further as November becomes the front month. The September Chart resistance is at the 20-day moving average at $9.87, with support the recent low at 9.36. WHEAT: Wheat trade is 1 to 11 cents lower with initial gains fading as trade again found fresh lows with world values continuing to retreat into September contract delivery but we have bounced off the overnight lows. Northern Hemisphere harvest should be on the downhill run with the Canadian rail strike apparently on hold for now. Weekly crop progress should show spring wheat harvest nearing the halfway mark. Weekly export inspections were in line with recent weeks at 537,179 mt with the first quarter shipments nearly 20% ahead of year ago levels. The dollar is holding just above fresh lows, with MATIF wheat washing out further as it gets more oversold as well. On the KC September Chart resistance is the 20-day at $5.45, with the fresh low at $5.12 1/2 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.