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DTN Midday Grain Comments 08/21 10:52
Corn Futures Higher at Midday Friday; Soybeans, Wheat Lower
Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 4
to 5 cents lower; wheat futures are 3 to 6 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 4
to 5 cents lower; wheat futures are 3 to 6 cents lower. The U.S. stock market
is firmer at midday with the S&P 38 points higher. The U.S. Dollar Index is 2
points higher. The interest rate products are weaker. Energy trade is firmer
with crude up .10 and natural gas .05 cents higher. Livestock trade is mixed
with hogs leading. Precious metals are firmer with gold up 85.00.
CORN:
Corn futures are 1 to 2 cents higher at midday as we continue to hold the
top of the range with December trying to consolidate over the $5.00 area with
action easing off of fresh highs. Ethanol margins remain strong with unleaded
strength offsetting corn gains for blenders. Weather looks to be a little less
active into the end of the month as we start pushing into early harvest for the
south. Basis will likely drift lower except for in the west in the short term.
On the September chart, the 20-day moving average at $4.57 has become support
with the Upper Bollinger band at $4.79 as resistance, which we closed just
above Thursday.
SOYBEANS:
Soybean futures are 4 to 5 cents lower at midday with trade firming a touch
off the overnight lows as we drift toward the weekend. Meal is 2.00 to 3.00
lower and oil is 120 to 130 points lower. Basis has continued to hold up well
as we draw nearer to harvest as crush margins remain solid in the near term.
Weather looks to keep near-term podfill in better shape. On the September
contract, chart support is the 20-day moving average at $11.81 with resistance
the Upper Bollinger Band at $2.26.
WHEAT:
Wheat futures were 3 to 6 cents lower at midday with light selling as we
fade from the upper end of the range with overbought conditions likely to find
some long liquidation to the weekend. Spring wheat areas should see harvest
move past the halfway point with trade watching to see where early plating
moisture will be for the Plains. Matif wheat is fading off the upper end of the
range as well. On the KC September chart, support is the 20-day moving average
at $7.25 with the Upper Bollinger Band at $7.69 as resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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