DTN Midday Grain Comments 08/30 10:47

DTN Midday Grain Comments 08/30 10:47 Corn Futures Higher at Midday; Soybeans Lower; Wheat Flat-Higher Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 1 to 2 cents lower; wheat futures are flat to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 1 to 2 cents lower; wheat futures are flat to 4 cents higher. The U.S. stock market is mixed at midday with the S&P 10 points higher. The U.S. Dollar Index is 20 points higher. The interest rate products are weaker. Energy trade has crude 2.10 lower and natural gas flat. Livestock trade is firmer. Precious metals are weaker with gold off 22.00. CORN: Corn futures are 2 to 3 cents higher with trade working to consolidate through the nearby resistance with overnight buying fading during the day session as we wrap up the month and move into the long weekend. Ethanol margins should see little change with narrowing blender margins likely into September as fall gasoline blends switch over and unleaded remains at the lower end of the range. 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. On the December chart, the 20-day moving average at $3.96 is resistance, which we are just above at midday, with the fresh low at $3.85 scored Monday as support. SOYBEANS: Soybean futures are 1 to 2 cents lower with trade fading at midday back to nearby support after overnight strength as product action fades. Meal is 1.00 to 2.00 lower and oil is 50 to 60 points lower. Warmer weather should continue to push maturity in much of the belt with early harvest to get going soon in the shorter season areas with some concerns about finishing weather growing. The daily export wire was saw 132,000 metric tons (mt) sold to China, and 100,000 mt of meal to Colombia. Basis looks to fade further as early harvest draws closer. The November chart support is at the 20-day moving average at $9.87, which we are just above at midday, with the Upper Bollinger Band at $10.32 as the next level of resistance. WHEAT: Wheat futures are flat to 4 cents higher at midday with trade working to hold nearby support to close the month as well as consolidating the early week reversal. Northern Hemisphere harvest should continue to move along with some weather delays lingering. Early Plains wheat drilling will start soon with some moisture in the forecast into September. The dollar rebound from the lows is holding with MATIF action narrowly mixed. On the KC December chart, resistance is the 20-day moving average at $5.58, which we are just above at midday, 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.