DTN Grain Midday: All Grains Lower

Freshly harvest soybeans loaded in truck for transport to grain elevator. ©Debra L Ferguson

Corn is 8 to 9 cents lower, soybeans are 13 to 14 cents lower, and wheat is 2 to 5 cents lower.

The U.S. stock market is firmer with the Dow up 410 points. The dollar index is 34 points lower. Interest rate products are lower. Energies are narrowly mixed. Livestock trade is mixed with feeder cattle leading. Precious metals are firmer with gold up $6.60.

CORN

Corn trade is 7 to 8 cents lower at midday with trade seeing follow-through selling from Friday on a better weather forecast along with little other friendly news. The forecast has better rains for many in it, but remains warm. The ethanol margins have narrowed a bit but remain positive with potential OPEC production increases on deck.

Weekly crop progress should show steady to slightly lower conditions with silking progress near average. Weekly export inspections were 902,623 metric tons. On the September contract, support is the lower Bollinger Band at $3.19 after we gapped below the 20-day at $3.36 overnight.

SOYBEANS

Soybean trade is 12 to 14 cents lower at midday with spillover pressure from corn, and the weather forecast. Meal is 5.50 to 6.50 lower and oil is 15 to 25 points lower. The ral remains at the midpoint of the recent range vs. the dollar. Crush margins have seen little change in recent days.

Weekly export inspections remain soft at 483,331 metric tons. Weekly crop progress should show steady conditions with average progress on blooming and setting pods. The August soybean chart resistance is the $9.03 fresh high, with support the 20-day at $8.79 which we are testing at midday.

WHEAT

Wheat trade is 3 to 6 cents lower at midday in fairly quiet trade compared to the row crops with harvest pressure in the U.S. likely to keep fading. The ruble remains in the recent range vs. the dollar with a focus on euro and Black Sea yields this week. Kansas City is at a 79-cent discount to Chicago with spreads sharply wider the past three days, while Minneapolis is back to a 6 cent discount.

Weekly crop progress should show winter wheat harvest near two thirds complete, with spring wheat conditions steady and heading closing in on normal. Weekly export inspections were good at 624,211 metric tons. The September Kansas City chart support is the 20-day at $4.43, with the upper Bollinger Band at $4.58 the next round up.

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