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DTN Midday Grain Comments     09/15 10:46

   Soybeans and Wheat Higher at Midday, Corn holds steady

   Corn trade is flat to a penny higher at midday, soybeans are 8 to 10 cents 
higher, and wheat is 4 to 8 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is weaker at midday with the S and P 36 points lower. 
The dollar index is 24 points higher. The interest rate products are weaker. 
Energy trade is firmer with crude 3.20 higher and natural gas .02 cent higher. 
Livestock trade is broadly weaker. Precious metals are weaker with gold off 
27.00.

CORN:

   Corn trade is flat to a penny higher as we continue to chop sideways as we 
ease overbought conditions and see little fresh bullish news outside strength 
in energies. Ethanol margins should remain solid near term with blenders again 
getting a boost from unleaded action surging higher. The daily export wire was 
quiet again today. Weather looks to slow early harvest with rains through the 
middle of the belt with weekly crop progress showing good to excellent up 1% to 
57% and poor to very poor at 17%(0) with 42% mature vs. 38% on average and 8% 
harvested vs. 6% on average. Basis will likely drift short term into early 
harvest but this weeks rains should slow pressure. On the December chart the 
20-day at $5.26 is support with the fresh high at $5.49 as further resistance.

SOYBEANS:

   Soybeans are 8 to 10 cents higher with early weakness giving way to broader 
buying this morning as meal leads on the product side. Meal is 7.00 to 8.00 
higher and oil is 10 to 20 points lower. Wetter weather should slow maturity 
and early harvest with steady conditions on the weekly report at 58% good to 
excellent and 13% poor to very poor with 44% dropping leaves vs. 37% on 
average, and 6% harvested vs. 3% on average. The daily export wire was quiet 
again today. On the November contract chart support is the 20-day at 12.80 
where we find the 20-day moving average with resistance the fresh high at 13.35.

WHEAT:

   Wheat is 4 to 8 cents higher with trade rebounding from early selling to 
hold just off the lower end of the recent range with winter wheats leading with 
the firmer dollar likely to limit upside a bit. Better rains into midmonth 
should help support early wheat drilling on the plains with planting progress 
at 8% vs. 12% on average with spring wheat 93% harvested vs. 92% on average. 
Matif wheat is lightly higher with support from the weaker Euro. On the KC 
December chart resistance is the 20-day at $8.02 which we closed just below 
with the lower Bollinger Band at 7.48 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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