DTN Midday Grain Comments 09/08 11:07

DTN Midday Grain Comments 09/08 11:07 Corn, Wheat Higher at Midday Wheat and corn higher at midday, soybean gains have faded. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow down 35 points. The interest rate products are higher. The dollar index is 15 points lower. Energies are higher with crude up 1.70. Livestock trade is mixed. Precious metals are mixed with gold down $1.70. CORN Corn trade is 2 to 4 cents higher at midday with light buying continuing after the strong finish yesterday with trade shaking off some early weakness in the day session. The close was above the 20-day moving average, so we could see additional buying before the weekend if we close flat to higher today. Heavy rains could disrupt early harvest over the next week, but maturity should continue to move along. Weekly ethanol production had production down 25,000 barrels per day, and stocks were down .2% with ethanol futures edging higher at midday. The December chart has support now at the $3.32 20-day then the 20-day at $3.26, resisance is at the 50-day at $3.43 then the $3.44 August high. SOYBEANS Soybean futures are 1 to 6 cents lower at midday with trade seeing early buying evaportate after testing the 20-day moving average, with meal $1 to $2 lower and oil 20 to 30 points higher. The marketplace is looking for the daily export activity wire to remain active as we move through September but no sales were announced today. The weather is benign and the market is looking forward to harvest results to give us direction this week for early harvested acres, otherwise the focus will be on the USDA monthly repot on Monday. On the November soybean chart the 20-day at $9.83 is key resistance with the 200-day down at $9.67 nearby support then the $9.37 low printed last week. The weekly export sales report is delayed until Friday due to the holiday on Monday. WHEAT Wheat trade is flat to 4 cents higher across the three contracts at midday with light short covering continuing this morning. The Canadian harvest should continue to move along, with Russia nearing the end of their harvest, with the USDA bumping estimates of their crop to 114.5 million metric tons of grain. The Stats Canada report had stocks at 5.017 million metric tons, above expectations of 4.30 million metric tons, but down from 7.15 last year. US export competitiveness has improved, with more demand showing for HRW for milling, with Russia still holding the edge to North Africa with more tenders scheduled this week, as Egypt continues to reject cargos for ergot. On the KC December chart support is now the $3.95 low from last week, with trade well below the nearby moving averages with the 10-day at $4.10 first resistance which we are just above today with the 20-day at $4.25 the next round of resistance. 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.