DTN Midday Grain Comments     08/19 10:59

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

   Corn futures are 7 to 8 cents higher at midday Wednesday; soybean futures 
are 20 to 21 cents higher; wheat futures are 17 to 19 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents higher at midday Wednesday; soybean futures 
are 20 to 21 cents higher; wheat futures are 17 to 19 cents higher. The U.S. 
stock market is firmer at midday with the S&P 38 points higher. The U.S. Dollar 
Index is 70 points lower. The interest rate products are firmer. Energy trade 
is firmer with crude up 1.54 and natural gas .06 cents higher. Livestock trade 
is mixed with hogs leading. Precious metals are firmer with gold up 120.00.

CORN:

   Corn futures are 7 to 8 cents higher at midday with trade just short of 
nearby resistance levels. Crop tour results are somewhat bearish so far and 
positive outside markets are keeping buyers interested for now. The weekly 
ethanol report showed production down 28,000 barrels per day. Weekly export 
sales are expected to be in the 700,000 to 900,000 metric ton range combined 
Thursday. Weather looks to be a little less active heading into midmonth with 
temps likely to keep crop maturity ahead of normal nationally, but less 
elevated than in recent weeks. Basis will likely drift lower except for the 
west in the short term. On the September chart, the 20-day moving average at 
$4.50 has become support with the Upper Bollinger band at $4.71 as resistance, 
which we are just below at midday.

SOYBEANS:

   Soybean futures are 20 to 21 cents higher at midday with trade working to 
consolidate the upper end of the range after momentum picking up after the 
slowdown Tuesday. Meal is 4.00 to 5.00 higher and oil is 70 to 80 points 
higher. Basis has continued to hold up well as we draw nearer to harvest and 
crush margins remain solid in the near term. Weather looks to reduce excess 
rain with mostly warm temps in the short term to keep the crop moving along. 
Weekly export sales are expected to be in the 1.25 million metric tons (mmt) to 
1.50 mmt range combined Thursday. On the September contract, chart support is 
the 20-day moving average at $11.81 with resistance the Upper Bollinger Band at 
$12.32.

WHEAT:

   Wheat futures are 16 to 19 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. Spring wheat areas should see harvest move past the 
halfway point with trade watching to see where early plating moisture will be 
for the Plains. Matif wheat is firmer as well. On the KC September chart, 
support is the 20-day moving average at $7.26 with the Upper Bollinger Band at 
$7.62 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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