DTN Midday Grain Comments 09/28 11:41

DTN Midday Grain Comments 09/28 11:41 All Grains Lower at Midday Grain trade is lower at midday giving back some of the gains seen on Friday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow futures down 220 points. The interest rate products are higher. The dollar index is 33 points lower. Energies are lower with crude down $1. Livestock trade is mostly lower. Precious metals are lower with gold down $11. CORN Corn trade is 3 cents lower at midday following mixed action overnight into early morning trade. Outside markets are negative with the stock market and crude lower albeit the dollar is weaker. Rains across the western belt should slow harvest progress this week with progress likely running behind the average number on the weekly progress report this afternoon. The weekly export inspections were good at 809,383 tons. The September 1 Quarterly grain stocks report will be out on Wednesday, so we should see some position squaring ahead of that after reacting to any crop rating changes this afternoon. On the nearby December chart resistance is the 100-day at $3.89 with the $3.95 September high above there, then the 200-day at $4. Support is at the 20-day moving average at $3.78, then the $3.57 1/2 contract low. SOYBEANS Soybean trade is trading around a dime lower at midday with harvest pressure putting trade on the defensive along with outside markets. Meal is $3 lower, and bean oil is 44 points lower. Rains should slow harvest progress in the Western Belt, with overall progress expected to ramp up quickly once the weather clears, especially in the east. Further sales from last week's Chinese visit may be announced by the USDA today. The Brazilian currency started to firm last week, which should boost US business if sustained. The Soybeans stocks number will be closely watched on Wednesday with the strong crush rate this summer potentially bring stocks down. Crop progress is expected to show harvest inline with average, and conditions unchanged to down 1%. The weekly export inspections were toward the low end of expectations at 530,493 tons. On the November chart the contract low at $8.53 1/4 is long term support with the 20-day moving average at $8.75 nearby support. Resistance is at the $8.94 1/2 September high then the 50-day at $9.11. WHEAT Wheat trade is 3 to 5 cents lower at midday after some initial follow-through buying overnight; midday prices are over a dime below the overnight highs. Concerns over dry planting conditions in Ukraine and Russia have limited selling interest this month along with conditions in Australia, with El Nino patterns generally not favorable for production in those areas. US planting for winter wheat is expected to remain on pace with the average with concerns mostly localized in NW Kansas. The report on Wednesday is expected to reconfirm comfortable world and domestic supplies. The weekly export inspections were at the high end of expectations at 651,194 tons which has limited downside. On the Kansas City December chart support is at the 10-day at $4.92 and 20-day moving average at $4.85 with resistance at the $5.08 50-day moving average. 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.