DTN Midday Grain Comments     08/13 10:51

   Soybean Futures Higher at Midday; Corn Narrowly Mixed; Wheat Flat-Lower

   Corn futures are narrowly mixed at midday Wednesday; soybean futures are 3 
to 5 cents higher; wheat futures are flat to 3 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Wednesday; soybean futures are 3 
to 5 cents higher; wheat futures are flat to 3 cents lower. The U.S. stock 
market is firmer with the S&P 9 points higher. The U.S. Dollar Index is 35 
points lower. The interest rate products are firmer. Energy trade is flat to 
weaker with crude .80 lower and natural gas unchanged. Livestock trade is mixed 
with cattle leading. Precious metals are mixed with gold 8.00 higher.

CORN:

   Corn futures are narrowly mixed at midday with trade working to hold the 
post-report low while early spillover support from soybeans eases. On the 
report Tuesday, we saw yields rise by 7.8 bushels per acre (bpa) from last 
month to 188.8 bpa; old-crop carryout at 1.305 billion bushels (bb); new-crop 
carryout rising to 2.117 bb from 1.66 bb last month; production at 16.742 bb 
from 15.705 bb last month with the addition of 1.9 million more harvested 
acres. Weekly ethanol production showed production up by 12,000 barrels per 
day, while stocks were down by 1.1 million barrels. The forecast looks warmer 
to end the week for most which should help push the crop along. Weekly export 
sales are expected to be in the 1.50 million metric ton (mmt) to 2.0 mmt rang, 
old and new crop combined. Basis looks to remain rangebound to softer in the 
short term. On the September chart, the 20-day moving average at $3.91 is 
resistance with the fresh low at $3.68 3/4 as support.

SOYBEANS:

   Soybean futures are 3 to 5 cents higher at midday with trade testing the 
July gap area early before backing off the dime or better higher trade early 
on. Meal is 2.00 to 3.00 higher and oil is 5 to 15 points lower. On the report, 
yield rose to 53.6 bpa from 52.5 bpa last month; domestic carryout was reduced 
to 330 mb on old crop and 290 mb on new with harvested acres down 6.1 million 
from the prior month. The forecast is expected to bring some warmer weather 
into the middle of the month with moisture chances remaining good for most into 
podfill. Basis will likely remain flat to soft in the short term. Weekly export 
sales are expected to be in the 600,000 to 800,000 metric ton (mt) range, old 
and new crop combined. On the September chart, resistance is the July gap at 
$10.35 with support the 20-day moving average at $9.92.

WHEAT:

   Wheat futures are flat to 3 cents lower with trade chopping along the lower 
end of the range after fading with corn post report and the cheaper dollar 
failing to add much support early on. On the report carryout came in at 869 mb 
versus 890 mb last month, with all wheat production at 1.927 bb versus 1.929 bb 
last month. Spring wheat harvest should continue to roll forward, while the 
Plains should remain in OK shape moisture wise ahead of planting. MATIF wheat 
is solidly higher this morning. Weekly export sales are expected to be in the 
400,000 to 600,000 mt range Thursday. On the KC September chart, resistance is 
the 20-day moving average at $5.20, with the fresh low at $5.03 1/4 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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