DTN Midday Grain Comments 08/26 10:58

DTN Midday Grain Comments 08/26 10:58 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 11 to 12 cents higher at midday Friday; soybean futures are 23 to 33 cents higher; wheat futures are 11 to 14 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 11 to 12 cents higher at midday Friday; soybean futures are 23 to 33 cents higher; wheat futures are 11 to 14 cents higher. The U.S. stock market is sharply lower with the DOW down 520 points. The U.S. Dollar Index is 8 points higher. Energies are flat with crude down .20. Livestock trade is mostly lower. Precious metals are weaker with gold $20 lower. CORN: Corn futures are 11 to 12 cents higher at midday with trade continuing to consolidate in the upper end of the recent range after momentum slowed midweek ahead of September option expiration. Short-term forecasts show mixed weather with early harvest to expand. The export wire remains mostly quiet as the USDA tries to figure out weekly sales. Ethanol margins will continue to be limited by driving demand and natural gas prices with harvest basis to give a boost into fall. Basis will be watched to see how much further strength fades, especially with the board rally and harvest progress. On the September chart, support is the 20-day moving average at $6.22 with the Upper Bollinger Band at $6.68. SOYBEANS: Soybean futures are 22 to 33 cents higher with trade working to hold the upper end of the range and looking to the extent of forecasted finishing rains. Crush margins remain solid with trade looking for further demand confirmation. South America is on post-harvest footing for shipping with their advantage to persist until September. The U.S. will gain sharply into September on competitiveness. Basis is fading a bit at processors and exporters in recent days as early harvest in the south draws closer. On the November chart, support is the $14.50 area that we have worked around this week with $14.80 as resistance. WHEAT: Wheat futures are 11 to 14 cents higher as it works to consolidate the rebound after fading from the highs Thursday as the world assesses Black Sea and European export potential and planting weather. Plains weather keeps some rain out there for the Plains with spring wheat harvest moving on. The dollar is holding the recent highs on Powell's inflation comments. The KC September chart has support at the 20-day moving average at $8.63 with $9.00 remaining resistance after trade failed there. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.