DTN Midday Grain Comments     08/15 10:50

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 4 to 5 cents higher at  midday Friday; soybean futures are 
10 to 12 cents higher; wheat futures are 1 to 4 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at  midday Friday; soybean futures are 
10 to 12 cents higher; wheat futures are 1 to 4 cents higher. The U.S. stock 
market is mixed with the S&P 15 points lower. The U.S. Dollar Index is 50 
points lower. The interest rate products are weaker. Energy trade is mixed with 
crude .40 lower and natural gas .11 higher. Livestock trade is mixed. Precious 
metals are mixed with gold 6.00 higher.

CORN:

   Corn futures are 4 to 5 cents higher at midday with light buying as December 
pushes back toward the $4.00 area heading to the weekend with spillover support 
from soybeans. Ethanol margins remain stable with unleaded trying to firm off 
the lower end of the range as well. The forecast looks drier to the east into 
next week while temps moderate. Basis looks to remain rangebound to softer in 
the short term. On the September chart, the 20-day moving average at $3.88 is 
resistance with the fresh low at $3.68 3/4 as support.

SOYBEANS:

   Soybean futures are 10 to 12 cents higher at midday with buying returning 
after action pulled back Thursday to consolidate early week gains. Meal is .50 
to 1.50 lower and oil is 90 to 100 points higher. The forecast looks to be 
drier to the east with temps moderating for many as we get deeper into podfill. 
Basis will likely remain flat to soft in the short term. On the September 
chart, resistance is the July gap at $10.35 with support the 20-day moving 
average at $9.92.

WHEAT:

   Wheat futures are 1 to 4 cents higher at midday with trade working to firm 
off the lower end of the range as we find light support from the weaker dollar 
and firmer row-crop action. Spring wheat harvest should continue to roll 
forward, while the Plains should remain in ok shape moisture wise ahead of 
planting. MATIF wheat is mixed this morning. Trade will also watch for any 
developments from the U.S./Russia summit going on at the moment. On the KC 
September chart, resistance is the 20-day moving average at $5.19, with the 
fresh low at $5.01 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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