DTN Midday Grain Comments     08/10 10:50

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

   Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are 1 
to 2 cents higher; wheat futures are 6 cents lower to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are 1 
to 2 cents higher; wheat futures are 6 cents lower to 5 cents higher. The U.S. 
stock market is narrowly mixed at midday with the S&P 3 points higher. The U.S. 
Dollar Index is 15 points higher. The interest rate products are weaker. Energy 
trade is firmer with crude up 2.60 and natural gas .13 cents higher. Livestock 
trade is mostly higher. Precious metals are firmer with gold up 10.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday, with trade continuing to chop 
along the lower end of the range as we head toward Wednesday's report with 
early gains fading as positive wheat spillover eased. Ethanol margins remain 
strong in the short term with unleaded turning back higher to boost blenders. 
The daily export wire saw a sale of 105,000 metric tons (mt) of new crop sold 
to unknown with weekly export inspections strong at 1.740 million metric tons 
(mmt) with year-to-date pace holding at 125%. Weather looks like it will keep 
the Central and Eastern Corn Belt wet with heat to the south. Weekly crop 
progress expected to show steady to slightly better conditions with maturity 
ahead of the five-year average. Basis will likely drift lower except for the 
west in the short term. On the September chart, the 20-day moving average at 
$4.48 has become resistance, with the fresh low scored last week at $4.34 as 
support.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher at midday, with a strong close 
needed to regain some overall momentum as we have drifted along the lower end 
of the range. Meal is 1.00 to 2.00 lower and oil is 95 to 105 points higher. 
Basis will likely ease as product action drifts along. Weather looks like it 
will keep stress in the South into pod fill season for the most part. The 
weekly Crop Progress report is likely to show steady to slightly better 
conditions with maturity ahead of normal. The daily export wire was quiet to 
start the week with weekly export inspections rangebound at 399,201 mt with 
year-to-date pace at 82%. On the September contract chart, resistance is the 
20-day moving average at $11.88, where we find support the Lower Bollinger Band 
at $11.38.

WHEAT:

   Wheat futures are 6 cents lower to 5 cents higher, with winter wheat action 
leading as we continue to work off the reversal seen on Friday as would work 
back toward the middle of the recent range. Black Sea shipping concerns 
continue with the sharp overnight gains fading again. Spring wheat areas should 
see harvest expand further with harvest expected to be in line with the 
five-year pace with steady conditions as winter wheat is almost fully 
harvested. Matif wheat turned lower after early strength. Weekly export 
inspections improved slightly at 421,277 mt with year-to-date pace at 75%. On 
the KC September chart, resistance is the 20-day moving average at $7.22, which 
we tested overnight before fading, with the $7.00 area as support, which we 
bounced from Friday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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