DTN Midday Grain Comments 08/25 11:29

DTN Midday Grain Comments 08/25 11:29 Wheat, Corn Flat to Higher at Midday Wheat is the midday leader, with row crops slightly lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures down 50 points. The interest rate products are higher. The dollar index is 49 lower. Energies are flat to higher with crude up 0.30. Livestock trade is mostly higher. Precious metals are higher with gold up $5.00. CORN Corn trade is flat to 2 cents lower at midday with trade still working to find buying at the bottom of the range. The trend is lower with new lows for the move occurring nearly every day, but we have held above the low from yesterday overnight and the sharply weaker dollar help export competitiveness coming forward. The trend, for what it is worth, from the USDA has been bigger yields than expected by the market going into reports. The crop tour will wrap up with national numbers today, with Iowa's yield pegged at 179.2, down from 188 last year. Cold temperatures should have the market watching for some early northern frost risks, but nothing solid to worry about at this juncture. Ethanol margins are stable with corn and ethanol soft this morning. On the December chart support is the new low printed yesterday at $3.54 1/2. Resistance is at the 10-day moving average at $3.63. SOYBEANS Soybean trade is flat to 3 cents lower at midday with trade chopping slightly lower after the solid finish yesterday. Meal is flat to $1 higher and oil is 10 to 20 points lower. 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. Heavy rains from Hurricane Harvey made add some complications in the south. The USDA announced sales of 132,000 metric tons of new crop beans to China, and 105,500 of meal to Thailand. Beans do not have a demand problem. On the November chart support is the 10-day at $9.36 with the recent low below that at $9.21, with the 20-day at $9.52 as resistance. WHEAT Wheat trade is flat to 7 cents higher at midday with trade trying to build on the positive finish from yesterday with trade working to ease oversold conditions along with the break in the dollar. The weak corn trade has provided some spillover pressure to wheat, reversing the trend of the last few days. The Russian harvest continues to make good progress with production estimates still working higher but they should be on the homestretch. Trade is oversold, which should translate into bigger short profit taking at some point ahead of winter wheat planting. On the December Kansas City contract support is the $4.24 1/4 fresh low printed Wednesday with resistance at the 10-day at $4.40. 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.