DTN Midday Grain Comments 09/03 10:49

DTN Midday Grain Comments 09/03 10:49 Corn, Soybean, Wheat Futures All Higher at Midday Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 5 to 6 cents higher; wheat futures are 3 to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 5 to 6 cents higher; wheat futures are 3 to 8 cents higher. The U.S. stock market is lower at midday with the S&P 75 points lower. The U.S. Dollar Index is 15 points higher. The interest rate products are firmer. Energy trade has crude 2.80 lower and natural gas flat. Livestock trade is mixed. Precious metals are weaker with gold off 17.00. CORN: Corn futures are 4 to 5 cents higher with trade working to consolidate above $4.00 on the December contract after the strong close last week with spread action flat to start this week. Ethanol margins will narrow if corn holds gains and the cheaper fall gasolines come online to narrow blender margins into mid-month with unleaded futures sharply lower Tuesday. Weather looks to mostly keep maturity moving forward with some colder air into the north with steady conditions and above average maturity expected on the crop progress report this afternoon. Basis action will likely continue to fade toward harvest with early harvest getting underway. Weekly export inspections remained solid at 965,292 metric tons (mt). On the December chart the 20-day moving average at $3.96 is now support with the next round up at the Upper Bollinger Band at $4.06, which we are testing at midday. SOYBEANS: Soybean futures are 5 to 6 cents higher at midday with meal leading the product complex as we work to consolidate back above $10.00 nearby as we head to early harvest with mixed finishing weather expected. Meal is 4.00 to 5.00 higher and oil is 90 to 100 lower. Warmer weather should continue to push maturity in much of the belt with cooler air to the north a bit of a concern along with recent drier weather for many. Weekly crop progress is expected to show steady to slightly lower conditions with maturity just ahead of the 5-year average. The daily export wire saw 132,000 mt sold to China as we continue the recent activity, with weekly export inspections improving at 496,860 mt. Basis looks to fade further as early harvest draws closer. The November chart support is at the 20-day moving average at $9.85, with the Upper Bollinger Band at $10.23 as the next level of resistance. WHEAT: Wheat futures are 3 to 8 cents higher at midday with early selling turning to buying during the day session and trade working to consolidate through the resistance cleared late last week. Northern Hemisphere harvest should continue to roll forward in the short term with weekly crop progress to show harvest well past halfway. 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 extending early week gains as well. Weekly export inspections were good at 577,944 mt. On the KC December chart, support is the 20-day moving average at $5.58, which we are held overnight, with the Upper Bollinger Band at $5.79 as the next round up as further resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.