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DTN Midday Grain Comments 08/14 10:53
Corn, Soybean Futures Higher at Midday; Wheat Flat-Higher
Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures
are 6 to 7 cents higher; wheat futures are flat to 4 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures
are 6 to 7 cents higher; wheat futures are flat to 4 cents higher. The U.S.
stock market is mixed at midday with the S&P 13 points higher. The U.S. Dollar
Index is 15 points lower. The interest rate products are firmer. Energy trade
has crude .95 lower and natural gas .11 higher. Livestock trade is firmer with
hogs leading. Precious metals are mixed with gold down 19.80.
CORN:
Corn futures are 3 to 4 cents higher with trade finding better buying during
the day session as we remain rangebound overall with flat to firmer spread
action. Weekly ethanol production was up by 5,000 barrels per day (bpd) with
stocks off by 400,000 barrels. Warmer weather looks to return into the end of
the month with lighter moisture to keep the crop moving along. Basis action
will likely continue to fade toward harvest. Weekly export sales are expected
to be in the 650,000 to 900,000 metric ton (mt) range between old and new crop
on Thursday's report. On the September chart, the 20-day moving average at
$3.91 is once again resistance with the lower Bollinger Band at $3.71 as
support.
SOYBEANS:
Soybean futures are 6 to 7 cents higher at midday with trade seeing
short-covering after making fresh lows again overnight as we look to ease
deeply oversold conditions after extending the washout to start the week. Meal
is 3.00 to 4.00 higher and oil is flat to 10 points lower. Warmer weather looks
to return with some areas a bit drier but overall early podfill should be going
well. Weekly export sales are expected to be in the 700,000 to 1.00 million
metric ton (mmt) range Thursday between old and new crop. Basis continues to
slowly ease as well. The September chart resistance is at the 20-day moving
average at $10.23, with support the fresh low at 9.40.
WHEAT:
Wheat futures are flat to 4 cents higher at midday with trade able to firm
back off the lower end of the range with Chicago action leading trade so far.
Spring wheat harvest should continue to expand with winter wheat harvest pretty
well wrapped up for the Northern Hemisphere. The dollar is back to the lower
end of the range with MATIF wheat back near the lows again with spreads needing
to narrow from elevated levels. Weekly export sales are expected to be in the
300,000 to 450,000 mt range. On the KC September chart, resistance is the
20-day moving average at $5.57, which we faded from, with the lower Bollinger
band at $5.41 as support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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