DTN Midday Grain Comments 08/31 11:27

DTN Midday Grain Comments 08/31 11:27 Grain Trade Trending Lower at Midday Trade is higher across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the DOW futures up 35 points. The interest rate products are mostly higher. The dollar index is 17 higher. Energies are higher with crude up 1.10. Livestock trade is mixed. Precious metals are higher with gold up $9.10. CORN Corn trade is 7 to 8 cents higher at midday with good buying this morning after printing a fresh December low at $3.44 1/4. The weekly export sales improved at 188,400 metric tons of old crop, and 804,200 metric tons of new, which is good but not necessarily bullish. Weather looks to be fading as far as any story for corn now with more seasonable temperatures. Ethanol blender margins will continue to gain with the firm unleaded values because of refinery outages from the hurricane. Long liquidation leading up to September first notice day simply appeared to come to an end with buyers and short profit takers the story here at midday. On the December chart support is the new low at $3.44 1/4 with the lower bolliger band at 3.42 below that. Resistance is at the 10-day moving average at $3.55. The dime range today is the biggest daily range in about 3 weeks since the August WASDE. SOYBEANS Soybean trade is 11 to 13 cents higher at midday with trade turning higher on support from demand and firmer corn and wheat trade. Meal is $1 to $2 higher and oil is 35 to 45 points higher. The daily wire showed sales of 132,000 metric tons of new crop beans sold to unknown today with more near term business possible on the daily wire. Helpful rains may hit the eastern belt after the remains of Harvey, and the cold threat continues to look more moderate for now. The weekly export sales were strong at 123,200 metric tons old, and 1.56 million metric tons of new, with 71,700 metric tons of old crop meal, 348,900 of new crop meal, 3,600 of old oil, and 4,200 of new. The good export demand is noted for our strength. On the November chart support is the recent low at $9.21 with the lower bolliger band at $9.16 below that, resistance was at the 20-day at $9.43 1/2, which we have edged above at midday making the 3-week high at $9.51 nearby resistance with the next major moving average the 100-day at $9.61. WHEAT Wheat trade is 5 to 7 cents higher for winter wheat; 8-12 cents lower for spring wheat with support on winter wheat short profit taking, while spring wheat sees delivery and harvest pressure. Winter wheat trade is oversold, which should translate into bigger short profit taking at some point ahead of winter wheat planting. Kansas City is working on three positive finishes in a row. Canadian production estimates were 25.54 million metric tons, down 19.9% year on year. The weekly export sales were improved at 536,000 metric tons. On the December Kansas City contract support is the $4.20 fresh low printed Tuesday with resistance at the 20-day at $4.51. 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.