DTN Midday Grain Comments     08/05 10:49

   Corn, Soybean Futures Lower, Wheat Higher at Midday Wednesday

   Corn futures are 6 to 7 cents lower at midday Wednesday; soybean futures are 
7 to 8 cents lower; wheat futures are 3 to 8 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents lower at midday Wednesday; soybean futures are 
7 to 8 cents lower; wheat futures are 3 to 8 cents higher. The U.S. stock 
market is mixed at midday with the S&P 6 points higher. The U.S. Dollar Index 
is 15 points lower. The interest rate products are mixed. Energy trade is mixed 
with crude off .10 and natural gas .01 cents lower. Livestock trade is mostly 
higher. Precious metals are firmer with gold up 165.00.

CORN:

   Corn futures are 6 to 7 cents lower at midday, with trade tagging back to 
the Monday lows, with row crops struggling as weather continues to be less 
threatening, with little other fresh news to balance. Weekly ethanol production 
showed production down 16,000 barrels per day and stocks off 200,000 barrels on 
the week. The daily export wire saw 120,000 metric tons sold to Mexico, with 
weekly sales expected to be in the 700,000 to 950,000 metric ton range 
tomorrow. Weather looks non-threatening for most short term, with rains working 
through again overnight. Basis will likely see further pressure as we head 
towards fall. On the September chart, the 20-day at $4.47 has become 
resistance, with the fresh low scored tested overnight at $4.35 as support.

SOYBEANS:

   Soybean futures are 7 to 8 cents lower at midday, with trade fading back 
into further support levels with broad product weakness continuing. Meal is 
2.50 to 3.50 lower and oil is 45 to 65 points lower. Basis will likely ease as 
product action drifts lower. Weather looks to show short-term improvement with 
podfill concerns easing a little bit. The daily export wire was quiet after the 
early sales, with weekly sales expected to be in the 1.0 to 1.3 million metric 
ton range between crop years tomorrow. On the September contract chart, 
resistance is the 20-day at 11.94, where we find the 20-day with support the 
Lower Bollinger Band at 11.44 as support, which we are just above at midday.

WHEAT:

   Wheat futures are 3 to 8 cents higher at midday with light buying returning 
late in the overnight session as we continue to try and consolidate the lower 
end of the recent range, with the early highs being faded again. Spring wheat 
areas should see harvest expand further with rains needed for the south soon 
ahead of early planting season. Matif wheat is a bit higher at midday as well. 
On the KC September chart, resistance is the 20-day at $7.17, which we are 
testing at midday with the $7.00 area as support nearby.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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