DTN Grain Midday: All Grains Higher

    Driverless tractor pulling grain cart. Photo: Smart Ag Youtube video.

    Corn is 3 to 5 cents higher, soybeans are 21 to 23 cents higher, and wheat is 5 to 12 cents higher.

    The U.S. stock market is firmer with the Dow up 275 points. The dollar index is 10 higher. Interest rate products are weaker. Energies are weaker with crude down $0.50. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold down $23.


    Corn trade is 3 to 5 cents higher at midday with spillover support from soybeans and the continued short-term hot weather. Ethanol margins are narrowing as corn values rise while ethanol futures stay flat as driving season winds down. Basis has remained fairly flat in recent days, with pressure likely at locations with the heat pushing the crop forward. Weekly export sales were decent at 270,400 metric tons old crop, and 1.181-million-metric-ton range.

    The daily wire had 747,000 metric tons to China, and 140,000 metric tons of unknown. On the September contract, trade has support at the $3.33 gap area, with the upper Bollinger Band at $3.44 as resistance, which we are at midday.


    Soybean trade is 20 to 23 cents higher with support from the hot dry weather until the remains of Hurricane Laura bring relief along with demand support. Meal is $4.00 to $5.00 higher and oil was 75 to 85 points higher. The ral remains in the lower end of the range as Brazilian producers build forward sales ahead of planting. Soybean basis has found spots of support at crushers as well even as crush takes a back seat to export movement heading towards harvest.

    Weekly export sales were good at 50,400 metric tons old crop, and 1.874 million of new, with meal at 53,200 old, and 97,600 of new, and oil at 1,300 of old, and 21,200 of new. The September chart now has resistance at the $9.43 fresh high scored this a.m. with support the 20-day at $8.95.


    Wheat trade is 6 to 11 cents higher at midday with spillover support from row crops and drier conditions going into planting as the northern hemisphere harvest wraps up. The dollar is at the upper end of the recent range but remains in the low end of the overall range. Kansas City is at an 79-cent discount to Chicago with spreads moving back towards the middle of the range, while Minneapolis is back to a 17 cent discount.

    Weekly export sales were good at 764,100 metric tons. Kansas City September chart support is the 20-day at $4.30 we are consolidating above, with the upper Bollinger Band at $4.56 the next round of resistance, which we are above at midday.

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