DTN Midday Grain Comments 08/29 10:49

DTN Midday Grain Comments 08/29 10:49 Corn, Wheat Seeing Green, Beans Down Midday Corn trade is 11 to 14 cents higher, beans is 8 to 16 cents lower and wheat is 13 to 27 cent higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 11 to 14 cents higher, beans is 8 to 16 cents lower and wheat is 13 to 27 cent higher. The U.S. stock market is weaker with the Dow down 215 points. The U.S. Dollar Index is flat. Interest rate products are weaker. Energies are firmer with crude up $3.00. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold $3.00 higher. CORN: Corn trade is 11 to 14 cents higher at midday Monday with December leading, with a small gap higher to open the Sunday night session after a Midwest crop tour has yields in at 168.5 bushels per acre (bpa), and the September contract prepares for delivery keeping momentum higher for now. Forecasts have the center of the Corn Belt drier with higher temps short term, setting the stage for early harvest expansion. The export wire will be watched for business as the extent of weekly action remains unclear from last week, with inspections remaining soft at 689,052 metric tons. Weekly crop progress should show steady conditions with maturity closer to the five-year average, with early harvest likely to pull ahead of pace. Ethanol margins will continue to see pressure from corn, firmer natural gas and softer unleaded futures. Basis will be watched to see how quickly we go to harvest footing and how aggressively the west will bid for corn in the deficit areas out of the gate. On the December chart, trade is just above the upper Bollinger Band at $6.73, with the 20-day well below the market at $6.27. SOYBEANS: Soybean trade is 8 to 16 cents lower at midday with spread action remaining firm ahead of delivery on the September contract, along with a Midwest crop tour keeping yields at 51.7 bpa, pressuring the November contract a little bit more, with meal leading the product complex. Meal is $1.00 to $2.00 higher, and oil is 0.10 cent to 0.20 cent lower. South America is moving toward planting preparation as the export advantage will begin to shift to the U.S. over the next few weeks. Basis has been more mixed as we head towards harvest as end users ready for new crop. Weekly export inspections were a bit softer at 436,851 metric tons, with the export wire quiet to start the week. Weekly crop progress is expected to show steady conditions and maturity catching up to the five-year average. On the November soybean chart, support is the 20-day at $14.21, with the upper Bollinger Band at $14.76 above the market. WHEAT: Wheat trade is 13 to 27 cents with trade pushing into the highs at midday after early weakness as forward production concerns pick up a bit along with spillover support from corn. Weather in the Plains remains a bit mixed short term with more moisture needed to boost emergence this fall, while spring harvest will continue to move along. The dollar is just off the highs on interest rate outlooks turning more hawkish in recent days with MATIF prices remaining mostly rangebound as well, but firming this Monday morning. Fertilizer production in Europe will continue to be watched as well. Weekly export inspections improved a bit at 520,791 metric tons, with weekly crop progress showing winter wheat harvest complete, and spring wheat moving past halfway. The KC December chart has support at the 20-day at $8.66 which we are trying to consolidate above, with the lower Bollinger Band at $8.28 as further support and the upper Bollinger Band at $9.04 3/4 as resistance, which we are testing at midday. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.