DTN Midday Grain Comments 09/01 11:03

DTN Midday Grain Comments 09/01 11:03 Corn, Beans Lower at Midday Wheat is the leader at midday, while row crops are struggling. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the DOW futures down 325 points. The interest rate products are lower. The dollar index is 20 points lower. Energies are sharply lower with crude down $3.30. Livestock trade is sharply lower. Precious metals are mixed with gold up $6. CORN Corn trade is 3 to 5 cents lower overnight with trade continuing to grind away in the recent range and pressure from soybeans and outside markets dragging them down this morning. The weekly crop progress listed 60% of the crop dented which is 10% ahead of last year and in line with the average; mature corn was listed at 9% versus the 15% average. Crop conditions slipped 1% to 68% good to excellent versus 74% a year ago. Seasonally light rating declines are normal. Warmer weather is expected to continue this week, which should move maturity along quicker. The USDA monthly report is due out next Friday which will be the next major news trade this week should be active with some direction from the outside markets. On the December chart support is at the low from last week at $3.65 and then the contract low at $3.57. Resistance is at the $3.79 20-day moving average then the $3.86 high printed last week. SOYBEANS Soybean trade is 12 to 14 cents lower at midday with Asian demand concerns reigniting selling with meal $3 to $4 lower and oil 70 to 80 points lower. Beans are starting to carve out a range in the $8.60 to $8.90 area. The weather is still important to determine how the crop will finish out but few worries are around. Crop progress listed 93% of the crop setting pods, 2% slower than normal with 9% dropping leaves, 2% ahead of normal. Crop conditions remained at 63% good to excellent although 1% moved from good to excellent. On the November soybean chart support is at the contract low of $8.55 is support with resistance at $8.88 the previous low then the 20-day at $9.15. WHEAT Wheat trade is flat to 5 cents higher at midday with light follow through buying after the good finish yesterday. The weaker dollar is adding support this morning, but further weakness will need to be sustained to substantially improve competitiveness. Weak fundamentals and chart pressure will continue to limit upside. Crop progress listed spring wheat 88% harvested versus the 62% average. Chart resistance for the December Kansas City contract is at the $4.91 10-day moving average. Support is at the $4.78 fresh contract low reached today. 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 (BAS) Copyright 2015 DTN/The Progressive Farmer. All rights reserved.