DTN Midday Grain Comments     08/27 11:10

   Corn Slips, Soybeans Edge Up, Wheat Surges at Midday

   Corn trade is 1 to 2 cents lower at midday, soybeans are 2 to 3 cents 
higher, and wheat is 12 to 16 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S and P 45 points higher. 
The dollar index is flat. The interest rate products are firmer. Energy trade 
is mixed with crude flat and natural gas .05 cents higher. Livestock trade is 
broadly higher with cattle leading. Precious metals are mixed with gold off 
10.00.

CORN:

   Corn trade is 1 to 2 cents lower at midday with trade rebounding from light 
overnight selling after the Wednesday surge as we remain deeply overbought 
heading towards the September contract going into delivery. Ethanol margins are 
narrowing a bit with corn firming and summer driving season winding down. The 
daily export wire remained quiet with weekly sales ok at 31,200 metric tons old 
crop, and 1.066 million new. Weather looks to keep the crop moving forward 
especially in the west with early southern harvest to keep picking up. Basis 
will likely drift lower into September contract delivery. On the December chart 
the 20-day at $4.87 is support with the strong finish with the fresh high at 
$5.38 3/4 as further resistance.

SOYBEANS:

   Soybeans are 2 to 3 cents higher at midday with trade firming back from 
overnight weakness with trade bouncing 15 to 17 cents off the lows. Meal is .50 
to 1.50 higher and oil is 90 to 100 higher. Basis will likely fade into the 
September contract delivery along with early harvest in the short season areas 
to pick up soon. Weather looks to keep near term podfill weather in better 
shape for most through the end of the month with some areas of heat stress. The 
daily export wire was quiet with weekly sales strong with 73,900 metric tons 
old crop, 2.478 million new crop, 104,700 old meal, 322,800 new meal, and 400 
of oil. On the November contract chart support is the 20-day at 12.06 where we 
find the 20-day moving average with resistance the fresh high at 12.70.

WHEAT:

   Wheat is 12 to 16 cents higher at midday with trade holding the surge from 
Wednesday but with some wide two-sided trade early on profit taking before 
buying returned with Black Sea events being watched closer. Spring wheat 
harvest should start to wind down soon as we push towards 3/4 complete with the 
plains needing further moisture ahead of fall planting soon. Matif wheat is 
solidly higher at midday. Weekly export sales showed some improvement at 
402,500 metric tons. On the KC December chart support is the 20-day at $7.53 
with the fresh high at $8.27 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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