DTN Midday Grain Comments 09/02 11:02

DTN Midday Grain Comments 09/02 11:02 All Grains Higher at Midday Trade is firmer across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow up 80 points. The interest rate products are higher. The dollar index is 20 points higher. Energies are higher with crude up 1.30. Livestock trade is mixed. Precious metals are firmer with gold up $6.20. CORN Corn trade is 2 to 4 cents higher at midday with light buying during the day session after the strong day yesterday as we go into the long weekend. Ethanol margins have seen some pressure to end the week with corn firming a bit off the lows, but ethanol futures are tracking higher today. Corn basis will remain on the defensive as harvest approaches with the last on farm bushels moving to town. The crop is expected to continue to advance with warmer temperatures as silage cutting moves through the belt and harvest spreads in the southern parts of the belt. Export demand should remain strong with U.S. origins the cheapest in the world. Private yield guesses out today pegged corn yield at 174.8 BPA. On the chart, trade has support at the $3.14 3/4 low, with resistance at the 10-day of $3.28 which we are testing at midday. SOYBEANS Soybean futures are 5 to 9 cents higher at midday with trade continuing to find some light buying. Meal is $1 to $2 lower and oil is 70 to 80 points higher. The daily wire was quiet for exports today, breaking the streak at 4 in a row. Early planting in Brazil is now about two weeks away which will start attracting more attention soon. Wetter weather in much of the belt should help the crop to finish out along with warmer temperatures pushing trade. Private yield guess came in today at 49.5 bpa. On the November soybean chart support is the $9.38 area that has held this week, with the $9.30 April low below that, with first resistance the 200-day at $9.67 above that. WHEAT Wheat trade is 2 to 6 cents higher at midday across the three contracts with light short covering continuing after the strong finish yesterday. Canadian harvest will be hitting full stride soon, and Russia looks to continue an aggressive export pace with export duties being suspended, although late yields have been disappointing. U.S. export competitiveness has improved, with more demand showing for HRW for milling. U.S. spring wheat harvest should be nearing the end with spring wheat trade potentially finding support on protein demand as well. On the Kansas City December chart support is now the $3.95 low from yesterday, with trade well below the nearby moving averages with the 10-day at $4.17 first 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 2016 DTN/The Progressive Farmer. All rights reserved.