DTN Midday Grain Comments 09/29 11:04

DTN Midday Grain Comments 09/29 11:04 Grains Flat to Slightly Higher at Midday Soybeans lead trade higher across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are higher with the Dow futures up 15 points. The interest rate products are lower. The dollar index is 7 points lower. Energies are higher with crude up $0.80. Livestock trade has cattle limit lower and hogs higher. Precious metals are mixed with gold down fractionally. CORN Corn trade is flat to 2 cents higher in quiet midday trade, marking time until the report tomorrow. Rains across the western belt should slow harvest progress this week with conditions unchanged on the weekly report, with maturity 1 percentage point behind at 71%, and harvested 18%, 5% behind average The September 1 Quarterly grain stocks report will be out on Wednesday, so we should see some position squaring ahead of that with the expectation of some early harvest getting wrapped into the stocks numbers. The range of stocks is 1.647 billion to 1.85 billion bushels, with 1.739 the average guess. Ethanol margins remain fairly stable with trade staying pretty range bound. 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 $3.79, then the $3.57 1/2 contract low. SOYBEANS Soybean trade is 2 to 5 cents higher with trade moving mostly sideways within the recent range this morning. Meal is flat to $1 higher and oil is 30 to 40 points higher. 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 with early yields good so far. The Soybeans stocks number will be closely watched on Wednesday with the strong crush rate this summer potentially bring stocks down. The range is 165 to 250 million bushels with an average guess of 205 million bushels. Crop progress had conditions downed 1 percentage point at 62% good to excellent, 74% dropping leaves 4 percentage points ahead of normal, and harvest was 21% complete vs. 16% on average. 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 2 to 4 cents higher across the three contracts in quiet trade at midday with the choppy trade continuing in low volume action. Concerns over dry planting conditions in Ukraine and Russia have limited selling interest on breaks, while the dollar continues to chop in the upper end of the range keep US origin more expensive on the world export market. US planting for winter wheat was 4 percentage points behind average at 31%, and it was 7% emerged also 4 percentage points behind average with better rains expected in the west. The report on Wednesday is expected to reconfirm comfortable world and domestic supplies. The range of expectations is 1.95 to 2.285 billion bushels of wheat, with 2.149 the average guess. On the Kansas City December chart support is at the 10-day at $4.90 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.