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DTN Midday Grain Comments     08/31 11:19

   Grain Futures Trade Mixed at Midday

   After early losses, trade is mixed and trying to turn positive at midday.

By David Fiala
DTN Contributing Analyst

 General Comments

   U.S. stock markets are lower with the DOW futures down 95 points. Interest 
rate products are lower. The dollar index is 3 points lower. Energies are 
narrowly mixed. Livestock trade is mostly higher. Precious metals are lower 
with gold $4.

   CORN

   Corn futures are fractionally mixed at midday with trade continuing to grind 
sideways. Warmer weather is expected this week, which will help the crop move 
toward maturity. Crop ratings will likely be steady on today's Crop Progress 
report with the trade looking at early harvest results the next few weeks to 
give us market direction. Weekly export inspections were strong at slightly 
over 1.0 million metric tons. Ethanol margins are improving with crude and 
unleaded bouncing back late last week into this morning. The USDA monthly 
report is due out next Friday, which will be the next major news giving a 
sideways bias to this week. On the December chart support is at the weekly low 
at $3.65 and then the contract low at $3.57. Resistance is at the $3.79 20-day 
moving average then the $3.86 weekly high.  

   SOYBEANS

   Soybean futures are 1 to 4 cents lower at midday with softer trade in Asia 
inducing overnight weakness before trade caught a better bid during the day 
session. Meal is flat to $1.00 lower and oil is 20 to 30 points lower. Trade 
will continue to watch weather to determine how the crop will finish out, 
especially in the eastern belt with some rains moving through the western areas 
last week. The concerns over forward Chinese demand and a big crop are expected 
to limit upside in the near term but another 125,000 metric tons of soybeans 
were announced as sold to unknown Monday morning. Crop conditions are expected 
to be mostly unchanged on the week, with export inspections fairly soft at 
184,285 metric tons. On the November soybean chart our new contract low last 
week at $8.55 is support with resistance at $8.85, the 10-day moving average. 

   WHEAT

   Wheat futures are narrowly mixed across the three contracts at midday with 
the weaker dollar and strong inspections adding support. Weak fundamentals and 
chart pressure continue to limit buying enthusiasm on bounces. Weekly export 
inspections were strong at 601,639 metric tons. Chart resistance for the 
December KC contract is at the $4.91 10-day moving average. Support is at the 
$4.80 fresh contract low reached this morning.   

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered trading adviser.
David Fiala can be reached at dfiala@futuresone.com 
Follow David Fiala on Twitter @davidfiala


(BAS)

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