DTN Midday Grain Comments     08/24 10:57

   Corn Futures Higher at Midday Monday; Soybeans Lower; Wheat Mixed

   Corn futures are 9 to 10 cents higher at midday Monday; soybean futures are 
18 to 20 cents lower; wheat futures are 3 cents lower to 3 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 9 to 10 cents higher at midday Monday; soybean futures are 
18 to 20 cents lower; wheat futures are 3 cents lower to 3 cents higher. The 
U.S. stock market is mixed at midday with the S&P 18 points lower. The U.S. 
Dollar Index is 16 points higher. The interest rate products are firmer. Energy 
trade is mixed with crude off 2.00 and natural gas .02 cents higher. Livestock 
trade is mixed with hogs leading and cattle fading back to the Friday lows. 
Precious metals are mixed with gold up 45.00.

CORN:

   Corn futures are 9 to 10 cents higher at midday with a gap higher after the 
lower-than-expected yield tour results at 173.2 bushels per acre (bpa) and 
continued support from world values with another set of fresh highs scored 
overnight. Ethanol margins will narrow a little with the corn strength but 
remain solid overall. Weekly export inspections were disappointing at 1.296 
million metric tons (mmt) with year-to-date pace holding at 126%. Weather looks 
to be a little less active into the end of the month as we start pushing into 
early harvest for the south. Weekly crop progress is likely to show steady 
conditions and maturity still ahead of normal. Basis will likely drift lower 
except for the west in the short term. On the September chart, the 20-day 
moving average at $4.55 has become support with the fresh overnight high at 
$4.98 3/4.

SOYBEANS:

   Soybean futures are 18 to 20 cents lower at midday with trade seeing action 
fade from the upper end of the range with the crop tour edging yields a little 
higher to 53.3 bpa and oil fading further from the upper end of the range. Meal 
is 1.00 to 2.00 higher and oil is 250 to 260 lower. Basis has continued to hold 
up well as we draw nearer to harvest as crush margins remain solid near term. 
Weather looks to keep near-term podfill weather in better shape for most. 
Weekly conditions are expected to be steady and with above-average maturity 
expected on the weekly report. Weekly export inspections were improved at 
420,895 metric tons, holding year-to-date pace at 82%. On the September chart, 
support is the 20-day moving average at $11.83 with resistance the Upper 
Bollinger Band at $12.26.

WHEAT:

   Wheat futures are 3 cents lower to 3 cents higher at midday with Chicago 
action leading as we press back to the top of the range again with support from 
corn and euro values; but we were unable to hold the overnight highs. Spring 
wheat areas should see harvest move past the halfway point on the report Monday 
with trade watching to see where early plating moisture will be for the Plains 
with the first planting report still a couple weeks off. Matif wheat is flat to 
firmer overnight. Weekly export inspections improved at 425,668 metric tons 
with year-to-date pace still lagging at 74%. On the KC September chart, support 
is the 20-day moving average at $7.25 with the Upper Bollinger Band at $7.69 as 
resistance.

    

    

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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