DTN Midday Grain Comments     09/17 11:14

   Corn, Soybeans And Wheat Futures Lower At Midday 

   Corn futures are 5 to 6 cents lower at midday, soybeans are 2 to 3 cents 
lower, and wheat futures are 3 to 6 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday, soybean futures are 2 to 3 
cents lower, and wheat futures are 3 to 6 cents lower. The U.S. stock market is 
firmer at midday with the S&P 76 points higher. The dollar index is 7 points 
lower. The interest rate products are firmer. Energy trade is weaker with crude 
1.70 lower and natural gas .02 cent higher. Livestock trade is broadly weaker. 
Precious metals are firmer with gold up 10.00.

CORN:

   Corn futures are 5 to 6 cents lower at midday with choppy sideways action 
continuing as we work just above nearby support levels with little fresh news 
for grains as post Fed statement volatility continues in the outside markets. 
Ethanol margins remain strong even a blender margins ease a bit. The daily 
export wire was quiet again with weekly sales solid at 1.027 million metric 
tons. Weather looks to ease the recent rainy conditions, but harvest resumption 
will remain slow. Basis will likely continue to drift short term. On the 
December chart the 20-day at $5.30 is support which we bounced off with the 
fresh high at $5.49 as further resistance.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower at midday with two sided action again 
with sellers continuing to return on bounces with meal continuing to find new 
highs on the product side while oil lags. Meal is $7.00 to $8.00 higher, and 
oil is 120 to 130 points lower. Wetter weather should ease a bit from here and 
allow maturity and harvest to keep moving ahead. The daily export wire was 
quiet again with weekly sales solid at 1.702 million metric tons of beans, 
23,700 of old crop soybean meal, 186,600 of new, and -200 of oil. On the 
November contract chart support is the 20-day at 12.91 where we find the 20-day 
moving average with resistance to the recent high at 13.35.

WHEAT:

   Wheat futures are 3 to 6 cents lower at midday with action continuing to 
chop along the lower end of the range with spring wheat leading so far. Better 
rains into midmonth should help support early wheat drilling on the plains with 
spring wheat harvest nearing total completion. Matif wheat is fading from the 
Wednesday gains as the Euro firms. Weekly export sales improved a bit at 
325,900 metric tons. On the KC December chart resistance is the 20-day at $8.05 
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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