DTN Midday Grain Comments     09/16 10:46

   Corn, Wheat Futures Higher at Midday; Soybeans Lower

   Corn trade is 3 to 4 cents lower; beans are 1 to 2 cents lower; wheat trade 
is 18 to 20 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn trade is 3 to 4 cents lower; beans are 1 to 2 cents lower and wheat 
trade is 18 to 20 cents lower. The U.S. stock market is mixed at midday with 
the S & P 10 points lower. The dollar index is 37 points lower. Energy trade 
has crude 1.00 higher and natural gas up 0.02. Livestock trade is lightly 
mixed. Precious metals are mixed with gold down 5.00.

CORN:

   Corn is 3 to 4 cents lower at midday, continuing to hold the upper end of 
the range with further harvest progress adding pressure to the cash market 
short term along with negative spillover from wheat. Ethanol margins are 
getting some support with unleaded continuing to firm off the lower end of the 
range with cheaper winter blends coming into full effect for blenders. Weather 
looks to mostly keep maturity moving forward ahead of wetter weather expected 
to slow harvest progress late in the week, with the weekly report likely to 
show harvest and maturity remaining ahead of average with steady conditions. 
Basis action will likely continue to fade into mid-month as more bushels become 
available. The daily export wire was quiet to start the week with weekly export 
inspections fading a bit to 521,118 metric tons. On the December chart the 
20-day at 4.01 is support with the next round up at the Upper Bollinger Band at 
$4.17.

SOYBEANS:

   Soybeans are 1 to 2 cents lower at midday with two-sided action as harvest 
pressure should pick up along with inconsistent product action. Meal is flat to 
1.00 higher and oil is 10 to 20 points higher. Warmer weather should continue 
to push maturity in much of the belt with early harvest likely to make good 
progress, before moisture expected late week in the north and west. Weekly crop 
progress is expected to show steady conditions and above average maturity with 
harvest just ahead of average. Better rains have entered the second week 
forecast for part of Brazil but overall, the drier trend remains in play. The 
daily wire saw 132,000 metric tons sold to unknown destinations with weekly 
export inspections rangebound at 401,287 metric tons. Basis will see more 
pressure short term with exports still a couple of weeks from hitting full 
stride to offset harvest pressure. The November chart support is at the 20-day 
moving average at $9.95, with the Upper Bollinger Band at 10.30 as the next 
level of resistance.

WHEAT:

   Wheat trade is 18 to 20 cents lower at midday with selling as we pull back 
off the upper end of the range with world prices cooling a bit after the Friday 
surge with calmer Black Sea events this week, and with better rains expected on 
the U.S. Plains. Northern Hemisphere harvest should continue to wind down with 
U.S. spring wheat on the very tail end. Early Plains wheat drilling is under 
way with some wetter conditions expected later this week for many with planting 
progress expected to be just above average. The dollar has faded back to the 
low end of the range ahead of the Fed meeting, with MATIF pulling back from 
fresh highs for the move as well. Weekly export inspections remain strong 
seasonally at 556,901 metric tons. On the KC December Chart support is the 
20-day at $5.68, with the Upper Bollinger Band at $6.07 as the next level of 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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