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DTN Midday Grain Comments     08/01 11:19

   Soybeans Lower at Midday

   Grain trade is mixed at midday with the market appearing to be waiting on 
the moisture event Sunday into next week.

By David Fiala
DTN Contributing Analyst

General Comments

   Soybeans Lower at Midday

   Wheat is bouncing a bit at midday, but beans and corn are back near contract 
lows.

   The U.S. stock market indices are lower with the Dow down 60. The interest 
rate products are lower. The dollar index is 17 lower. Energies are mostly 
lower with crude oil down $0.88. Livestock trade is mixed with feeder cattle 
sharply lower. Precious metals are mixed with gold up $13. 

   CORN

   Corn trade is around 2 cents lower at midday. The nearby September trade put 
in a new low at $3.36 3/4 this morning before firming slightly. The weather 
forecast remains mostly cool and mostly dry in the near term with a moisture 
pick-up expected next week with Minnesota line for the most rain at midweek. 
The sliding outside markets have crimped ethanol margins although they remain 
strong. December contract support remains at the recent $3.64 low with $3.60 
below that, with the 10-day moving average at $3.70 first resistance. If the 
weather would give us a rally expect greater sell stops to be sitting above the 
gap in the $3.78-3.80 area. 

   SOYBEANS

   Soybean trade is 18 to 22 cents lower at midday with selling pressure 
picking up at midday. Meal is $5 to $6 lower and oil is 45 to 55 points lower. 
The weather forecast continues to hold better moisture available for soybeans 
in the extended models, but near-term moisture remains limited. Once rains 
come, it will likely renew the selling pressure on the market. On the November 
chart, we are below all major moving averages; the contract low of $10.55 is 
support. Chart resistance is at the $10.81 10-day then the $10.88 20-day moving 
average. 

   WHEAT

   Wheat trade is 4 to 9 cents higher at midday with commercial buying 
following through after the strong finish yesterday. The spreads have begun to 
firm which is a good sign for demand. World wheat weather remains mostly a 
non-issue for now with a few trouble spots still lingering. On the chart, 
September Chicago trade is between the 10-day moving average at $5.29, and the 
20-day moving average at $5.36. The September Kansas City trade is also between 
the 10-day and 20-day moving averages at $6.23, and $6.35. Another positive 
finish today would be encouraging for wheat, and trade is above resistance at 
midday.

   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 


(CZ)

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