DTN Midday Grain Comments     09/04 10:47

   Grains Slide Lower Across The Board

   Corn trade is flat to 1 cent lower at midday, soybeans are 1 to 2 cents 
lower, and wheat is 6 to 13 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is lower at midday with the S and P 40 points lower. 
The dollar index is 20 points higher. The interest rate products are mixed. 
Energy trade is mixed with crude .80 lower and natural gas .06 cents higher. 
Livestock trade is flat to lower. Precious metals are weaker with gold down 
50.00.

CORN:

   Corn trade is flat to 1 cent lower at midday with trade working to 
consolidate the range further into the long weekend with little fresh news 
otherwise and overbought conditions persisting. Ethanol margins should continue 
to hold positive runs but seasonal headwinds should pick up a bit as we switch 
to fall blends. The daily export wire was quiet to close the week. 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 likely to pick up into midmonth. On the 
December chart the 20-day at $5.10 is support with the strong finish with the 
fresh high at $5.49 as further resistance.

SOYBEANS:

   Soybeans is 1 to 2 cents lower at midday with action working to consolidate 
above $13.00 into the weekend with product action mixed with meal continuing to 
lead. Meal is flat to 1.00 higher 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 with some relief expected the middle of next week. The daily 
export wire saw 250,600 metric tons confirmed to be received by unknown 
destination. On the November contract chart support is the 20-day at 12.44 
where we find the 20-day moving average with resistance the fresh high at 13.24.

WHEAT:

   Wheat is 6 to 13 cents lower at midday with trade working to stabilize after 
the wild session yesterday as we ease overbought conditions and wait for 
further Black Sea developments after the peace talk rumors yesterday. Spring 
wheat harvest is on the homestretch with early wheat planting likely to expand 
after Labor Day. Matif wheat is lightly weaker after early gains. On the KC 
December chart support is the 20-day at $7.85 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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