DTN Midday Grain Comments     09/01 10:53

   Corn, Soybeans, and Wheat See Midday Gains

   Corn trade is 8 to 9 cents higher at midday, soybeans are 26 to 28 cents 
higher, and wheat is 13 to 15 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is weaker at midday with the S and P 35 points lower. 
The dollar index is 22 points higher. The interest rate products are mixed. 
Energy trade is mixed with crude 2.40 higher and natural gas .04 cents lower. 
Livestock trade is broadly weaker. Precious metals are weaker with gold off 
72.00.

CORN:

   Corn trade is 8 to 9 cents higher at midday with trade adding to overbought 
conditions as they follow soybeans higher with spread action remaining mostly 
flat to start the month. Ethanol margins look to remain solid short term, but 
cheaper fall blends should start to narrow blender margins. The daily export 
wire was quiet again today. Weather looks to keep the crop moving forward 
especially in the west with early southern harvest to keep picking up with 
weekly crop progress report showing good to excellent at 57%(0) and 17% poor to 
very poor(0) with 62% dented vs. 56% on average, and 13% mature same as 
average. Basis will likely drift lower into September contract delivery. On the 
December chart the 20-day at $4.94 is supported with the strong finish with the 
fresh high at $5.47 1/4 as further resistance.

SOYBEANS:

   Soybeans are 26 to 28 cents higher at midday with trade gapping higher 
initially after conditions eased lower last week and product values continue to 
move forward. Meal is 5.00 to 6.00 higher and oil is 145 to 155 points higher. 
Weather looks to keep late heat stress in play to keep pushing the crop along 
with the weekly report showing good to excellent at 58%(-2) and 13% poor to 
very poor(+1) with 13% dropping leaves vs. 9% on average. The daily export wire 
saw 136,000 metric tons sold to China for new crop. On the November contract 
chart support is the 20-day at 12.16 where we find the 20-day moving average 
with resistance the fresh high at 13.16 1/4.

WHEAT:

   Wheat is 13 to 15 cents higher at midday with trade staying near the upper 
end of the range with buying picking up during the day session with deeply 
overbought conditions remaining in place and world values rebounding as well. 
Spring wheat harvest was 77% complete vs. 68% on average on the weekly report 
with winter wheat planting to be underway soon. Matif wheat is sharply higher 
as well. On the KC December chart support is the 20-day at $7.75 with the fresh 
high at $8.57 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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