DTN Midday Grain Comments 09/15 11:40

DTN Midday Grain Comments 09/15 11:40 Grains Mixed at Midday Beans are higher, corn and wheat lower at midday in slow trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow up 175 points. The interest rate products are mixed. The dollar index is 2 points lower. Energies are higher with crude up .70. Livestock tradehas cattle higher and hogs lower. Precious metals are mixed. CORN Corn trade is 4 cents lower at midday and near the daily low; key support is at the $3.26 1/2 one week low. The weekly export sales total was only 703,500 tons, which did not attract buyers this morning. Harvest activity is expected to move along at a normal pace which means harvest pressure should be seen ahead of our weekends for the next month. Energies are higher and the dollar flat giving some outside market support which is limited downside at midday. The December contract chart support is at the $3.26 1/2 weekly low then the contract low at $3.14 3/4; resistance is at the $3.32 20-day then the $3.39 50-day. SOYBEANS Soybean futures are 7 cents higher at midday and were briefly a dime higher a short while ago. Meal is up $1 and bean oil is up 45 points. The low yesterday and so far today did not seriously challenge the five-month low at $9.37; and we have seen short profit taking when that low held. The jury is still out in regard to how we will finish the week, the rallies have been limited and we remain very close to the five-month low. Expect sell stops below this level. The weekly sales were favorable with bean sales over a million tons; this also helped the market find support this morning. The USDA report will continue to weight on beans and limit upside especially if early harvest yield reports are high. November chart resistance is at the 10-day at $9.58 then the 200-day at $9.69 with support at the five-month low. WHEAT Wheat trade is 1 to 4 cents lower across the three contracts at midday. The weekly export sales number was toward the low end of expectations at 402,200 which limited buying. Big supplies will continue to hang over this market and limit upside on bounces. Low prices are not encouraging extra winter wheat acres for 2017 production so forward thinking is where friendly arguments will likely come from. On the Kansas City December chart support is at the 10-day at $4.15, with the $3.95 low major support. Resistance is at the $4.20 20-day moving average. 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.