DTN Midday Grain Comments 08/25 13:00

DTN Midday Grain Comments 08/25 13:00 Corn, Soybean, Wheat Futures Mixed at Midday Corn futures are narrowly mixed at midday Thursday; soybean futures are 5 cents lower to 12 cents higher; wheat futures are 5 cents lower to 1 cent higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Thursday; soybean futures are 5 cents lower to 12 cents higher; wheat futures are 5 cents lower to 1 cent higher. The U.S. stock market is flat with the DOW up 13 points. The U.S. Dollar Index is 12 points lower. Interest rate products are firmer. Energies are mixed with crude down 1.00. Livestock trade is mostly higher. Precious metals are firmer with gold $7.00 higher. CORN: Corn futures are narrowly mixed with trade unable to sustain movement in either direction as we consolidate, and the crop tour rolls on. Short-term forecasts have the center of the Corn Belt drier with milder temperatures as we head toward the homestretch with rains in the forecast being dialed back. Ethanol margins will continue to see pressure from firmer corn, firmer natural gas, and softer unleaded futures. Basis will be watched to see how much further strength fades, especially with the board rally and harvest continues to expand south of I-70. On the September chart, trade is just below the Upper Bollinger band at $6.66, with the 20-day moving average well below the market at $6.20. SOYBEANS: Soybean futures are 5 cents lower to 12 cents higher with trade looking for the next bullish spark with mixed rain coverage for the maturing crop, further crop tour results and mixed product action so far with spread action remaining strong toward delivery of the September contract. Meal is $3.00 to $4.00 lower and oil is flat to 20 points higher. The crop tour will include soybean pods counts with some areas likely to be better today. South America is on post-harvest footing for shipping with their advantage to persist until September. Basis has been more mixed as we head toward harvest as end users get ready for new crop. On the September soybean chart support is the 20-day moving average at $14.91, which we remain well above, while November is back above the 20-day moving average at $14.20, with the Upper Bollinger Band at $15.82, which we are below at midday. WHEAT: Wheat futures are 5 cents lower to 1 cent higher at midday with spring wheat leading as trade continues to work to consolidate the upper end of the range after the early week rally with trade losing momentum again at the highs. Plains weather is more mixed for short-term moisture with deficits needing to be eased ahead of planting for Oklahoma and Texas. Rains are shifting further south and east while spring wheat harvest should continue to roll along. The dollar is just off the highs on interest rate outlooks turning more hawkish in recent days with MATIF prices staying range-bound. A fertilizer plant in Poland has been idled, once again raising nitrogen concerns for European planting. The KC September chart has support at the 20-day moving average at $8.64, which we are trying to consolidate above, with the fresh lows at $8.07 scored last Thursday as support and the Upper Bollinger band at 9.07 3/4 as resistance, which we have faded back from after testing overnight. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.