DTN Midday Grain Comments     08/26 10:55

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 7 to 8 cents higher; wheat futures are 8 to 15 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 7 to 8 cents higher; wheat futures are 8 to 15 cents higher. The U.S. stock 
market is weaker at midday with the S&P 5 points lower. The U.S. Dollar Index 
is 26 points higher. The interest rate products are weaker. Energy trade is 
mostly higher with crude flat and natural gas .09 cents higher. Livestock trade 
is broadly higher. Precious metals are weaker with gold off 45.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with another set of fresh 
highs coming in as we get more short-term overbought as we head toward the 
September contract going into delivery. Weekly ethanol production was reported 
at 23,000 barrels per day (bpd) higher and stocks were 100,000 barrels higher. 
Weekly export sales are expected to be in the 500,000 to 800,000 metric ton 
(mt) range Thursday. Weather looks to keep the crop moving forward, especially 
in the west, with early southern harvest to keep picking up. Basis will likely 
drift lower into September contract delivery. On the September chart, the 
20-day moving average at $4.59 has become support with the fresh high at $5.08 
as further resistance.

SOYBEANS:

   Soybean futures are 7 to 8 cents higher at midday with action continuing to 
chop just below the contract highs with meal the product leader as oil remains 
at the lower end of the summer range. Meal is 1.00 to 2.00 higher and oil is 50 
to 60 points lower. Basis will likely fade into the September contract delivery 
along with early harvest in short season areas picking up soon. Weather looks 
to keep near-term podfill in better shape for most through the end of the 
month. The daily export wire saw 333,000 mt sold to China for new crop. Weekly 
export sales are expected to be in the 1.25 million metric ton (mmt) to 1.50 
mmt range between crop years Thursday. On the September contract, chart support 
is the 20-day moving average at $11.86 with resistance the Upper Bollinger Band 
at $12.41.

WHEAT:

   Wheat futures are 8 to 15 cents higher at midday with Chicago trade leading 
as we faded just a little from the overnight highs with further consolidation 
in the upper end of the range for the winter wheats. Spring wheat harvest 
should start to wind down soon as we push toward three-quarters complete with 
the Plains needing further moisture ahead of fall planting soon. Matif wheat is 
sharply higher Wednesday as well. Weekly export sales are expected to stay soft 
in the 150,000 to 300,000 mt range. On the KC September chart, support is the 
20-day moving average at $7.29 with the Upper Bollinger Band at $7.75 as 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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