DTN Midday Grain Comments     08/14 10:46

   Corn, Soybean, Wheat Futures All Higher at Midday Friday

   Corn futures are 7 to 8 cents higher at midday Friday; soybean futures are 4 
to 5 cents higher; wheat futures are 16 to 31 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents higher at midday Friday; soybean futures are 4 
to 5 cents higher; wheat futures are 16 to 31 cents higher. The U.S. stock 
market is weaker at midday with the S&P 15 points lower. The U.S. Dollar Index 
is 40 points lower. The interest rate products are weaker. Energy trade is 
firmer with crude up .35 and natural gas .05 cents higher. Livestock trade is 
broadly lower with cattle the downside leader. Precious metals are firmer with 
gold up 25.00.

CORN:

   Corn futures are 7 to 8 cents higher at midday with broad strength across 
grains overnight as we push back toward the top end of the range after the 
Thursday pullback with wheat providing the most spillover. Ethanol margins look 
to remain strong nearby but summer driving season winding down will likely add 
some demand pressure. Weather looks to keep the Central and Eastern Corn Belt 
wetter with temps holding a bit above normal into midmonth. 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 support with the Upper Bollinger band 
at $4.66 as resistance.

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday with trade grinding back 
toward nearby resistance with solid spread action and meal leading the product 
side. Meal is 1.50 to 2.50 higher and oil is 10 to 20 points higher. Basis has 
continued to hold up well as we draw nearer to harvest. Weather looks to keep 
stress south into midmonth with better moisture for much of the belt in the 
short term. The daily export wire saw 136,000 metric tons sold to China for 
new-crop, continuing the recent activity. On the September contract, chart 
resistance is the 20-day moving average at $11.84 with support the Lower 
Bollinger Band at $11.30.

WHEAT:

   Wheat futures are 16 to 31 cents higher at midday with trade again trying to 
pull away from nearby resistance levels with KC action leading so far as we 
continue to add Black Sea premium in. Spring wheat areas should see harvest 
expand further as we get closer to the halfway point. Matif wheat is sharply 
firmer as well despite the firmer euro. On the KC September chart, resistance 
is the 20-day moving average at $7.22, which we were back above overnight, with 
the $7.00 area as support, which we held earlier in the week.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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