DTN Midday Grain Comments 09/15 11:12

DTN Midday Grain Comments 09/15 11:12 Grain Trade Mixed at Midday Soybeans are higher at midday, corn and wheat lag. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are higher with the Dow up 130. The interest rate products are higher. The dollar index is 30 points higher. Energies are higher with crude up $0.50. Livestock trade is mixed. Precious metals are mixed with gold down $4. CORN Corn trade is 2 to 4 cents lower at midday with trade giving back some of the gains seen the last two trading days with outside market neutral ahead of the Federal Reserve's decision on interest rates later in the week and expanding harvest pressure. Ethanol margins have been compressed by the recent rally in corn while unleaded values have slipped with the conclusion of summer driving season. The weekly crop condition and progress report had conditions unchanged at 68% good to excellent, and 10% poor to very poor, 87% dented, 1% ahead of average, 35% mature vs. 40% on average, and 5% harvested vs. 9% on average. On the December chart support is now the 100-day moving average at $3.91 which have traded on both sides of this morning, and the 200-day at $4.01 is the next upside chart threshold. FSA acreage data will be due overnight which may need to be lower due support corn following over the 30 cent rally off last week's low. SOYBEANS Soybean trade is 3 to 6 cents higher with trade finding support from the lowest condition rating of the year. Meal is $2 to $3 higher, and oil is 30 to 40 points lower. The export market has been quiet to start the week, and trade will be looking for more forward sales to assuage demand concerns. Weekly crop progress had the crop down 2% at 61% good to excellent, 12% poor to very poor, and 35% dropping leaves vs. 31% on average. The contract low printed Friday at $8.53 1/4 is now longer term support with trade moving through the 20-day moving average at $8.80. The $8.89 1/2 3-week high then $9 is the next level of chart resistance, which have challenged this morning. The NOPA crush number today is one bit of news that may need to be friendly to support beans from current levels. WHEAT Wheat trade is 3 to 8 cents lower this morning with trade seeing light selling return on a lack of commercial buying and further weakness in the Chicago trade. The supply and demand trend remains bearish for wheat with the U.S. remaining at a disadvantage in the export market. The weekly crop progress report did not have any surprises with spring wheat harvest 97% harvested vs. 86% on average, and winter wheat planting at 9%, same as average. Chart support is now the 20-day moving average at $4.82, with the 10-day at $4.75 below it. The 50-day at $5.20 is the next major moving average to the upside to note for chart resistance. 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.