DTN Midday Grain Comments     08/13 10:56

   Corn Futures Lower at Midday Thursday; Soybeans Flat-Higher; Wheat Mixed

   Corn futures are 7 to 8 cents lower at midday Thursday; soybean futures are 
flat to 1 cent higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents lower at midday Thursday; soybean futures are 
flat to 1 cent higher; wheat futures are narrowly mixed. The U.S. stock market 
is mixed at midday with the S&P 35 points higher. The U.S. Dollar Index is 10 
points lower. The interest rate products are firmer. Energy trade is weaker 
with crude off .95 and natural gas .06 cents lower. Livestock trade is broadly 
lower. Precious metals are weaker with gold off 40.00.

CORN:

   Corn futures are 7 to 8 cents lower at midday with trade backing off a bit 
from the strong post-USDA-report close Wednesday with trade holding nearby 
support so far. On the report, we saw corn yield at 180.7 bushels per acre 
(bpa) versus 183.0 bpa last month. Acres rose by 1.1 million. Old-crop carryout 
was 1.945 billion bushels (bb) versus 2.02 bb last month. New-crop carryout was 
1.653 bb versus 1.790 bb last month. World stocks were flat. Ethanol margins 
look to remain strong nearby. Weekly export sales showed 410,700 metric tons 
(mt) of old crop and 924,500 mt of new. Weather looks to keep the Central and 
Eastern Corn Belt wetter with temps holding a bit above normal into midmonth. 
Basis will likely drift lower except for the west in the short term. On the 
September chart, the 20-day moving average at $4.48 has become support with the 
Upper Bollinger band at $4.66 as resistance.

SOYBEANS:

   Soybean futures are flat to a penny higher with light two-sided action so 
far through the session as meal leads the product side of the complex. Meal is 
2.00 to 300 higher and oil is 15 to 25 points lower. On the report, we saw 
yield at 52.7 bpa versus 53.0 bpa last month. Old-crop stocks were at 325 mb 
versus 330 mb last month. New-crop stocks were at 320 mb versus 330 mb last 
month. World stocks were flat. Basis will likely ease as product action drifts 
along. Weather looks to keep stress south into midmonth with better moisture 
for much of the belt in the short term. The daily export wire saw 125,000 
metric tons sold to China for new crop. Weekly export sales were solid with 
75,100 mt old crop; 1.790 mmt of new crop; 69,400 of old meal; 149,000 new 
meal; 6,000 oil. On the September contract, chart resistance is the 20-day 
moving average at $11.88 with support the Lower Bollinger Band at $11.30.

WHEAT:

   Wheat futures are narrowly mixed with trade struggling to push past nearby 
resistance as we have seen two-sided action through midday with positive 
spillover from world markets cooling a bit. On the report, was saw carryout at 
717 mb versus 722 mb last month. Spring wheat areas should see harvest expand 
further as we get closer to the halfway point. Matif wheat has turned two-sided 
as well. Weekly export sales remain lackluster at 255,900 mt. On the KC 
September chart, resistance is the 20-day moving average at $7.22, which we are 
just below at midday, with the $7.00 area as support, which we have held 
earlier in the week.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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