DTN Midday Grain Comments 08/24 12:51

DTN Midday Grain Comments 08/24 12:51 Grains Mixed at Midday Slow mixed trade is seen at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 20 points. The interest rate products are lower. The dollar index is nearly unchanged. Energies are lower with crude down 80 cents. Livestock trade is lower. Precious metals are lower with gold down $2.50. CORN Corn trade is fractionally to a penny lower in slow trade; the overnight to the midday range has only been around 3 cents. The weekly export sales were 102,400 tons of old crop and 423,300 tons of new, too low of levels to stop our market slide. The trend is lower with new lows for the move occurring nearly every day, including today. The trend, for what it is worth, from USDA has been bigger yields than expected by the market going into reports. Crop yield estimates from Illinois are being reported at 180.72 bushels per acre, nearly 13 bushels below last year. Cold temperatures should have the market watching for some early Northern frost risks, but nothing solid to worry about at this juncture. On the December chart, support is the new low printed today at $3.54 1/2. Resistance is at the 10-day moving average at $3.65. SOYBEANS Soybean trade is 8 cents higher, meal is up $1.50 and soybean oil is up 35 points at midday. The soy complex is the leader. Some of the colder weather is not viewed as the best thing for beans, and there is always a frost risk when lows get down in the 30s. It is hard to say this is bullish, as the risk looks low, but it has lessened the selling pressure. The weekly export sales this morning had old crop at 400,300 tons and new crop at 2,008,900 tons. Meal sales were 95,000 tons and soybean oil 14,600 tons of old crop. The big bean number was supportive which has also slowed the selling pressure. Beans do not have a demand problem. On the November chart support is the 10-day at $9.35 with the recent low below that at $9.21, with the 20-day at $9.55 as resistance. The firm open then mini reversal Wednesday was not good, but we have held up today. An inside trading day is currently underway. WHEAT Wheat trade is flat to 5 cents higher at midday with Minneapolis the firmer trade. Net weekly wheat sales of 386,400 tons were viewed as neutral to negative the market. The weak corn trade has provided some spillover pressure to wheat. The Russian harvest continues to make good progress with production estimates still working higher. Trade is oversold, which should translate into bigger short profit-taking at some point ahead of winter wheat planting. On the December KC contract, support is the $4.24 1/4 fresh low printed Wednesday with resistance at the 10-day at $4.43. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.