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DTN Midday Grain Comments 08/08 10:56 Corn Futures Higher at Midday; Soybeans, Wheat Lower Corn futures are 3 to 6 cents higher at midday Monday; soybean futures are 4 to 19 cents lower; wheat futures are 3 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 6 cents higher at midday Monday; soybean futures are 4 to 19 cents lower; wheat futures are 3 to 11 cents lower. The U.S. stock market is weaker with the DOW down 125 points. The U.S. Dollar Index is 110 points higher. Interest rate products are weaker. Energies are mixed with crude up 1.50. Livestock trade is mostly higher with cattle. Precious metals are mixed with gold $14.00 higher. CORN: Corn futures are 7 to 8 cents lower overnight with flat to slightly firmer spread action as trade looks to position for the WASDE report Friday as well as digest the extent of weekend rains and the weather ahead. Outside markets have the dollar fading a little off the highs and energies mixed near recent lows for crude and related products. Short-term forecasts show drier weather for most in the near term with warmer-than-normal temperatures for the center and western parts of the Corn Belt. Ethanol margins will continue to be limited by driving demand and seasonal slowdowns with unleaded futures at six-month lows to crimp blending margins. Basis will be watched to see how much further strength fades, especially with the board rally and harvest starting in the South. USDA's weekly Crop Progress report is expected to show steady to slightly lower conditions with maturity getting closer to the five-year average. On the September chart, support is the fresh low at $5.61 1/2 scored two weeks ago with the lower Bollinger Band just below that at $5.60, with trade holding back above the 20-day moving average at $5.97; the upper Bollinger Band is the next round up at $6.23. SOYBEANS: Soybean futures are 7 to 12 cents lower overnight with two-sided trade so far as we wait to see how the weather evolves in pod-fill season, along with waiting to see if further demand can be confirmed from last week's rally after the first confirmations of Chinese buying last week. Meal is $2.00 to $3.00 lower and oil is 60 to 70 points higher. Biodiesel margins remain positive but narrowing in recent days. South America is on post-harvest footing for shipping with their advantage to persist, while the bulk of the U.S. is heading into the start of pod-fill season with warmer and drier weather for much of the belt this week after the mixed weekend rains. Basis is fading a bit at processors and exporters in recent days as early harvest in the south draws closer. On the September soybean chart, support is the 20-day moving average at $13.99, which we bounced off last week, with the Upper Bollinger Band at $14.95 as the next round up. WHEAT: Wheat futures are 9 to 14 cents lower overnight with early gains fading as trade works back to the lower end of the range to see where commercial buying emerges and what kind of pace Black Sea shipping maintains short term. Plains weather looks warmer and drier this week with moisture needing to be built before planting time. Harvest is wrapped up, except for the north growing areas, while spring wheat sees heat with harvest about to start. Steady weekly conditions are expected on the Crop Progress report with maturity still well behind normal. The dollar remains near the highs, which is likely to limit exports. The KC September chart has resistance at the 20-day moving average above the market at $8.57, which we faded from again overnight, with the lower Bollinger band at $8.22 the next round down. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.