DTN Midday Grain Comments 08/28 10:51

DTN Midday Grain Comments 08/28 10:51 Wheat Futures Higher at Midday; Soybeans Lower; Corn Flat-Lower Corn futures are flat to 1 cent lower at midday Wednesday; soybean futures are 6 to 8 cents lower; wheat futures are 6 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent lower at midday Wednesday; soybean futures are 6 to 8 cents lower; wheat futures are 6 to 7 cents higher. The U.S. stock market is weaker at midday with the S&P 35 points lower. The U.S. Dollar Index is 40 points higher. The interest rate products are firmer. Energy trade has crude .50 lower and natural gas flat. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off 11.00. CORN: Corn futures are flat to a penny lower with better action during the day session after overnight weakness with outside influences negative Wednesday morning. Weekly ethanol production showed production off by 27,000 barrels per day (bpd) with stocks unchanged. Weather looks to mostly keep maturity moving forward with a mostly warmer-than-normal start to September expected. Basis action will likely continue to fade toward harvest with early harvest getting underway. The daily export wire saw 100,000 metric tons (mt) sold to Colombia and 165,375 mt to Mexico both for new crop. Weekly export sales are expected in the 1.0 million metric tons (mmt) to 1.25 mmt range Thursday. On the December chart, the 20-day moving average at $3.97 is resistance with the fresh low at $3.85 scored Monday as support. SOYBEANS: Soybean futures are 6 to 8 cents lower at midday with trade giving back some of the early week gains after touching resistance again overnight and product action turning weaker. Meal is 2.50 to 3.50 lower and oil is flat to 10 points lower. Warmer weather should continue to push maturity in much of the belt. The daily wire saw 264,000 mt of new crop booked by China. Weekly export sales Thursday are expected to be in the 1.50 mmt to 1.75 mmt range. Basis looks to fade further as early harvest draws closer. The November chart resistance is at the 20-day moving average at $9.89, which we tested overnight, with support the recent low at $9.36. WHEAT: Wheat futures are 6 to 7 cents higher at midday with trade bouncing back from the overnight selling and pushing back toward nearby resistance levels yet again. Northern Hemisphere harvest should continue to push forward after some storm delays and head to the downhill run. Early Plains wheat drilling will start soon with some moisture in the forecast. The dollar rebound has eased a bit with MATIF values trying to extend their rebound so far after scoring early week lows as well. Weekly export sales are expected to be in the 300,000 to 450,000 mt range. On the KC December chart, resistance is the 20-day moving average at $5.59, with the fresh low at $5.27 1/4 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.