DTN Midday Grain Comments     09/18 10:45

   Corn and Wheat Mixed at Midday; Soybeans Higher

   Corn futures are narrowly mixed; soybean futures are 3 to 4 cents higher; 
wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed; soybean futures are 3 to 4 cents higher; 
wheat futures are narrowly mixed. The U.S. stock market is weaker at midday 
with the S&P 5 points lower. The dollar index is 2 points higher. The interest 
rate products are weaker. Energy trade has crude 0.15 higher and natural gas is 
0.3 lower. Livestock trade is narrowly mixed. Precious metals are mixed with 
gold up 6.50.

CORN:

   Corn futures are narrowly mixed at midday with early gains fading with 
rangebound trade continuing with little fresh news to move action. The weekly 
ethanol report saw production off by 31,000 barrels per day, with stocks up by 
71,000 barrels. Weather looks to mostly keep maturity moving forward ahead of 
wetter weather expected to slow harvest progress late in the week with good 
progress likely to be made in the field before then. Basis action will likely 
continue to fade into mid-month as more bushels become available. The daily 
export wire was quiet today with weekly sales expected to be in the 500,000 to 
750,000 metric ton range tomorrow. On the December chart the 20-day at 4.03 is 
support with the next round up at the Upper Bollinger Band at $4.19.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday fading off the overnight 
highs with meal turning lower and oil fading from the highs with harvest 
pressure showing a bit more. Meal is 0.50 to 1.50 lower and oil is 15 to 25 
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. Better rains will be needed in Brazil to get 
early planting underway with the immediate forecast remaining on the dry side 
and some moisture in the extended forecast. The daily wire was quiet again with 
weekly sales expected to be in the 750,000 to 1.0 million metric ton range. 
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 $9.98, with the Upper Bollinger Band at 
10.32 as the next level of resistance.

WHEAT:

   Wheat futures are narrowly mixed with early gains fading again with trade 
continuing to consolidate the recent range after the Monday pull back. Northern 
Hemisphere harvest should continue to wind down easing the remaining harvest 
pressure on spring wheat. Early plains wheat drilling is under way with some 
wetter conditions expected later this week which should boost early emergence. 
Black sea news has remained quieter this week. The dollar has faded back to the 
low end of the range ahead of the Fed meeting, with MATIF wheat holding the 
range after fading from the early gains as well. On the KC December Chart 
support is the 20-day at $5.70, with the Upper Bollinger Band at $6.08 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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