DTN Midday Grain Comments     08/20 10:45

   Corn, Soybean, Wheat Futures All Higher at Midday Thursday

   Corn futures are 7 to 8 cents higher at midday Thursday; soybean futures are 
4 to 6 cents higher; wheat futures are 7 to 9 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents higher at midday Thursday; soybean futures are 
4 to 6 cents higher; wheat futures are 7 to 9 cents higher. The U.S. stock 
market is firmer at midday with the S&P 16 points higher. The U.S. Dollar Index 
is 3 points lower. The interest rate products are weaker. Energy trade is mixed 
with crude down 1.90 and natural gas .09 cents lower. Livestock trade is mostly 
lower. Precious metals are firmer with gold up 39.00.

CORN:

   Corn futures are 7 to 8 cents higher at midday with trade pushing to the top 
of the range for the year with the crop tour continuing to buoy interest in 
buying along with the broad commodity interest strength. Ethanol margins remain 
strong. The daily export wire was quiet again with weekly export sales OK at 
232,600 metric tons (mt) of old crop and 816,100 mt of new crop. Weather looks 
to be a little less active into midmonth with temps likely to keep maturity 
ahead of normal nationally, but less elevated than recent weeks. Basis will 
likely see pressure south from early harvest. On the September chart, the 
20-day moving average at $4.50 has become support with the Upper Bollinger band 
at $4.75 as resistance, which we are above at midday.

SOYBEANS:

   Soybean futures are 4 to 6 cents higher at midday with trade working to 
consolidate the upper end of the range with momentum slowing after the surge 
Wednesday. Meal is flat to 1.00 higher and oil is 100 to 110 points higher. 
Basis has continued to hold up well as we draw nearer to harvest as crush 
margins remain find more strength. Weather looks to reduce excess rain with 
mostly warm temps in the short term to keep the crop moving along. The daily 
export wire saw 150,000 mt sold to unknown with weekly sales solid at 85,000 mt 
of old crop, 1.723 million metric tons (mmt) of new crop, 92,800 mt of old-crop 
meal, 386,000 mt new-crop meal, and 1,200 mt of oil. On the September contract 
chart, support is the 20-day moving average at $11.81 where we find the 20-day 
moving average with resistance the Upper Bollinger Band at $12.34.

WHEAT:

   Wheat futures are 7 to 9 cents higher at midday with trade getting back into 
the upper end of the range as we follow the row-crop strength with support from 
the cheaper dollar as well with trade getting more overbought. Spring wheat 
areas should see harvest move past the halfway point to the weekend with trade 
watching to see where early plating moisture will be for the Plains. Matif 
wheat is firmer as well as it gets back to the top of the range. Weekly export 
sales were solid at 393,700 mt. On the KC September chart, support is the 
20-day moving average at $7.26 with the Upper Bollinger Band at $7.68 as 
resistance, which we are testing at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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