DTN Midday Grain Comments 08/29 10:56

DTN Midday Grain Comments 08/29 10:56 Corn, Soybean Futures Higher at Midday; Wheat Flat-Lower Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 8 to 10 cents higher; wheat futures are flat to 2 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 8 to 10 cents higher; wheat futures are flat to 2 cents lower. The U.S. stock market is firmer at midday with the S&P 42 points higher. The U.S. Dollar Index is 40 points higher. The interest rate products are weaker. Energy trade has crude 1.80 higher and natural gas flat. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up 15.70. CORN: Corn futures are 2 to 3 cents higher with firmer spread action and light buying as the September contract heads to delivery with trade working just below nearby resistance. Ethanol margins should see little change with narrowing blender margins likely into September. Weather looks to 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 118,000 metric tons (mt) of sorghum sold to China. Weekly export sales were strong at 15,300 mt old crop and 1.49 million metric tons (mmt) of new crop. On the December chart the 20-day moving average at $3.96 is resistance with the fresh low at $3.85 scored Monday as support. SOYBEANS: Soybean futures are 8 to 10 cents higher at midday with trade rebounding solidly from the Wednesday pullback and pressing into nearby resistance with broad product strength. Meal is 2.50 to 3.50 higher and oil is 90 to 100 points higher. Warmer weather should continue to push maturity in much of the belt with early harvest to get going soon in the shorter season areas. Weekly export sales were strong at -143,600 mt of old crop as the marketing year ends and 2.62 mmt of new crop with 21,200 metric tons of old meal, 428,900 of new meal, and 1,100 of oil. Basis looks to fade further as early harvest draws closer. The November chart resistance is at the 20-day moving average at $9.88, which we are just below at midday, with support the recent low at $9.36. WHEAT: Wheat futures are flat to 2 cents lower with spring wheat leading as trade fades a little from nearby resistance levels after the early week strength as oversold conditions ease. Northern Hemisphere harvest should continue to push forward after some storm delays and further ease harvest pressure. Early plains wheat drilling will start soon with some moisture in the forecast. The dollar is holding the midweek rebound with MATIF action able to extend the early week rally as well. Weekly export sales were solid at 532,100 mt of old crop and -34,500 mt of new. On the KC December chart, resistance is the 20-day moving average at $5.58, 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.