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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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