DTN Midday Grain Comments     09/03 10:50

   Corn, Wheat Sink; Soybeans Hold Steady

   Corn trade is 8 to 9 cents lower at midday, soybeans are narrowly mixed, and 
wheat is 24 to 30 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is sharply higher at midday with the S and P 80 points 
higher. The dollar index is 60 points lower. The interest rate products are 
firmer. Energy trade is mixed with crude 1.40 higher and natural gas .06 cents 
lower. Livestock trade is sharply higher. Precious metals are firmer with gold 
up 135.00.

CORN:

   Corn trade is 8 to 9 cents lower at midday with broad risk trade early 
turning to a bit more supportive action during the day session as we balance 
potential Black Sea peace talks, overbought conditions, and yield concerns. 
Ethanol margins should continue to hold positive runs but seasonal headwinds 
should pick up a bit. The daily export wire was quiet again with weekly sales 
solid overall with 829,600 metric tons of old crop cancelled but 1.986 million 
metric tons of new crop sales. Weather looks to keep the crop moving forward 
with the heat as early harvest to the south will continue to expand into the 
Holiday. Basis will likely drift short term with bigger harvest pressure still 
a bit off. On the December chart the 20-day at $5.05 is support with the strong 
finish with the fresh high at $5.49 as further resistance.

SOYBEANS:

   Soybeans is narrowly mixed with trade bounce back from early liquidation on 
spillover from grains weakness and mixed product action. Meal is 2.50 to 3.50 
lower and oil is 115 to 125 points lower. Weather looks to keep late heat 
stress in play to keep pushing the crop along into early harvest. The daily 
export wire saw 192,000 metric tons sold to China for new crop with weekly 
sales strong with 94,200 metric tons of old crop cancelled, new crop sales of 
1.948 million metric tons, 29,400 of old meal, 701,600 of new meal and 1,300 of 
oil. On the November contract chart support is the 20-day at 12.36 where we 
find the 20-day moving average with resistance the fresh high at 13.24.

WHEAT:

   Wheat is 24 to 30 cents lower at midday with ideas of potential peace talk 
progress being floated to encourage long profit taking into the day session as 
we work to come off the deeply overbought conditions with trade 13 to 15 cents 
off the session lows. Spring wheat harvest is on the homestretch with early 
wheat planting likely to expand after Labor Day. Matif wheat is sharply lower 
as well but off the lows. Weekly export sales were mediocre at 313,500 metric 
tons. On the KC December chart support is the 20-day at $7.65 with the fresh 
high at $8.57 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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