DTN Midday Grain Comments 08/31 11:19

DTN Midday Grain Comments 08/31 11:19 Grain Futures Trade Mixed at Midday After early losses, trade is mixed and trying to turn positive at midday. By David Fiala DTN Contributing Analyst General Comments U.S. stock markets are lower with the DOW futures down 95 points. Interest rate products are lower. The dollar index is 3 points lower. Energies are narrowly mixed. Livestock trade is mostly higher. Precious metals are lower with gold $4. CORN Corn futures are fractionally mixed at midday with trade continuing to grind sideways. Warmer weather is expected this week, which will help the crop move toward maturity. Crop ratings will likely be steady on today's Crop Progress report with the trade looking at early harvest results the next few weeks to give us market direction. Weekly export inspections were strong at slightly over 1.0 million metric tons. Ethanol margins are improving with crude and unleaded bouncing back late last week into this morning. The USDA monthly report is due out next Friday, which will be the next major news giving a sideways bias to this week. On the December chart support is at the weekly low at $3.65 and then the contract low at $3.57. Resistance is at the $3.79 20-day moving average then the $3.86 weekly high. SOYBEANS Soybean futures are 1 to 4 cents lower at midday with softer trade in Asia inducing overnight weakness before trade caught a better bid during the day session. Meal is flat to $1.00 lower and oil is 20 to 30 points lower. Trade will continue to watch weather to determine how the crop will finish out, especially in the eastern belt with some rains moving through the western areas last week. The concerns over forward Chinese demand and a big crop are expected to limit upside in the near term but another 125,000 metric tons of soybeans were announced as sold to unknown Monday morning. Crop conditions are expected to be mostly unchanged on the week, with export inspections fairly soft at 184,285 metric tons. On the November soybean chart our new contract low last week at $8.55 is support with resistance at $8.85, the 10-day moving average. WHEAT Wheat futures are narrowly mixed across the three contracts at midday with the weaker dollar and strong inspections adding support. Weak fundamentals and chart pressure continue to limit buying enthusiasm on bounces. Weekly export inspections were strong at 601,639 metric tons. Chart resistance for the December KC contract is at the $4.91 10-day moving average. Support is at the $4.80 fresh contract low reached this morning. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered trading adviser. David Fiala can be reached at [email protected] Follow David Fiala on Twitter @davidfiala (BAS) Copyright 2015 DTN/The Progressive Farmer. All rights reserved.