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DTN Midday Grain Comments     09/02 11:01

   Wheat Surges While Corn, Soybeans Hold Steady Midday

   Corn trade is flat to 1 cent higher at midday, soybeans are flat to 1 cent 
lower, and wheat is 6 to 9 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S and P 44 points higher. 
The dollar index is 17 points lower. The interest rate products are flat to 
firmer. Energy trade is mixed with crude .40 higher and natural gas .06 cents 
higher. Livestock trade is mixed with hogs leading. Precious metals are firmer 
with gold up 21.00.

CORN:

   Corn trade is flat to 1 cent higher with corn firming back from the 
overnight long liquidation but we have struggled to hold gains with little 
fresh news and flat to softer spread action. Weekly ethanol production was off 
2,000 barrels per day with stocks down by 200,000 on the week as summer driving 
season winds down. The daily export wire was quiet again with weekly sales 
expected to be in the 700,000 to 950,000 metric ton range combined. Weather 
looks to keep the crop moving forward with the heat as early harvest to the 
south will continue to expand into the Holiday. Basis will likely drift short 
term with bigger harvest pressure still a bit off. On the December chart the 
20-day at $5.02 is support with the strong finish with the fresh high at $5.49 
as further resistance.

SOYBEANS:

   Soybeans are flat to 1 cent lower with trade seeing swings higher and lower 
so far with product action softening and overbought conditions tempting profit 
taking vs. longs. Meal is flat to $1.00 lower and oil is 95 to 105 points 
lower. Weather looks to keep late heat stress in play to keep pushing the crop 
along into early harvest. The daily export wire saw 202,000 metric tons sold to 
China for new crop with weekly sales expected to be in the 1.5 to 1.75 million 
metric ton range tomorrow. On the November contract chart support is the 20-day 
at 12.26 where we find the 20-day moving average with resistance the fresh high 
at 13.24.

WHEAT:

   Wheat is 6 to 9 cents higher with action rebounding again from the 
aggressive overnight selling to return to the higher end of the range with 
overbought conditions persisting. Spring wheat harvest is on the homestretch 
will early wheat planting likely to expand after Labor Day. Matif wheat is 
solidly firmer at midday. Weekly export sales are expected to be in the 250,000 
to 450,000 metric ton range. On the KC December chart support is the 20-day at 
$7.76 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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