DTN Midday Grain Comments     08/17 10:48

   Corn, Soybean Futures Higher at Midday Monday; Wheat Mixed

   Corn futures are 5 to 6 cents higher at midday Monday; soybean futures are 
16 to 17 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents higher at midday Monday; soybean futures are 
16 to 17 cents higher; wheat futures are narrowly mixed. The U.S. stock market 
is mixed at midday with the S&P 7 points lower. The U.S. Dollar Index is 10 
points lower. The interest rate products are weaker. Energy trade is mixed with 
crude up .35 and natural gas .05 cents lower. Livestock trade is mixed with 
early gains fading. Precious metals are firmer with gold up 41.00.

CORN:

   Corn futures are 5 to 6 cents higher at midday with trade continuing to 
press into nearby resistance with steady to soft spread action continuing as we 
wait for crop tour updates and outside market direction. Ethanol margins look 
to remain strong nearby but summer driving demand should start to ease further. 
Weekly export inspections were strong at 1.911 million metric tons (mmt) with 
year-to-date pace at 126%. Weather looks to be a little less active into 
midmonth with temps likely to keep maturity ahead of normal. Crop conditions 
expected to be steady on the weekly report. Basis will likely drift lower 
except for the west in the short term. On the September chart, the 20-day 
moving average $4.49 has become support with the Upper Bollinger band at $4.66 
as resistance.

SOYBEANS:

   Soybean futures are 16 to 17 cents higher at midday with buying continuing 
as we get the November contract back through the $12.00 mark and we push back 
through nearby resistance. Meal is 2.50 to 3.50 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 stable. Weather looks to limit stress from excess rain 
to the east into midweek with temps still mostly elevated. Crop conditions are 
expected to remain steady with maturity ahead of normal. Weekly export 
inspections were softer at 270,201 metric tons (mt) with year-to-date pace 
holding at 82%. On the September contract, chart resistance is the 20-day 
moving average at $11.84 that we are above at midday with support the Lower 
Bollinger Band at $11.30.

WHEAT:

   Wheat futures are narrowly mixed with two-sided action so far as we work to 
consolidate the surge from last week at the upper end of the range. Spring 
wheat areas should see harvest expand further as we get closer to the halfway 
point on the weekly report with winter wheat planting likely to get underway 
soon. Matif wheat is solidly lower Monday morning. Weekly export inspections 
improved at 493,401 mt with year-to-date pace at 81%. On the KC September 
chart, support is the 20-day moving average at $7.26, which we blew through 
Monday, with the Upper Bollinger Band at $7.64 as resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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