DTN Midday Grain Comments 08/30 11:32

DTN Midday Grain Comments 08/30 11:32 Soybeans, Wheat Lower at Midday Corn is flat at midday, soybeans and wheat turn lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are weaker with the Dow futures down 105. The interest rate products are weaker. The dollar index is 20 higher. Energies are firmer with crude up 0.20. Livestock trade is mixed. Precious metals are lower with gold down 5.00. CORN Corn trade is flat to 1 cents higher at midday with trade seeing light buying again on the last day before the September contract goes into delivery. Early harvest should continue to expand this week with rains more focused on the north. Ethanol futures have slipped to $1.25 as margins continue to narrow as summer driving season wraps up. Corn basis has held up pretty well in recent days but more harvest pressure will work in. The weekly export sales were softer at 175,800 metric tons of old crop, and 525,000 of new. On the December chart futures have support at the recent low at $3.55 1/4 scored Wednesday, then the $3.50 1/4 contract low printed in July. Resistance is at the 10-day at $3.65. SOYBEANS Soybean trade is 4 to 6 cents lower at midday with selling returning during the day session after the overnight gains. Meal is $1 to $2 lower, and oil is flat to 10 points higher. Basis is expected to see more pressure, especially along areas that feed the PNW with the Ohio River valley widening quickly. Heavy rains could be an issue in some areas in the near term, especially in the northern part of the belt. The weekly export sales were mixed with 110,900 metric tons of old crop, 591,600 of new, -21,500 of old meal, 500,000 of new meal, and 24,000 of oil. On the November chart support is the low at $8.29, and resistance the 10-day at 8.61. WHEAT Wheat trade is 6 to 10 cents lower with overnight gains fading with no fresh news on export restrictions this morning. Rains may slow some of the remaining spring wheat harvest. The US dollar is holding in the lower end of the recent range. Matif wheat turned lower after early gains as well. Russian domestic values are still rising which will be a pressure point for exports with renewed talk off a 25 million metric ton cap but no official word yet. The waeekly export sales remain sluggish at 414,800 metric tons. On the December Kansas City chart we have support at the recent lows at $5.26 with resistance the 50-day at $5.46 that we worked back below this morning. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.