DTN Midday Grain Comments 09/26 11:25

DTN Midday Grain Comments 09/26 11:25 All Grains Lower at Midday Beans are slipping at midday nearing doubledigit losses, pulling corn and wheat lower By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow down 160 points. The interest rate products are higher. The dollar index is 33 lower. Energies are higher with crude up 1.45. Livestock trade is lower. Precious metals are mixed with gold up $3. CORN Corn trade is 5 to 6 cents lower at midday, which has us near the daily lows, despite good weekly export inspections. We were steady to lower since the opening bell last night due to harvest pressure and some chart pressure. The weekly export inspections were 1.336 million metric tons. Many viewed the 20-day moving average as major support at $3.31 3/4 which we are now below, so chart pressure could be an issue this afternoon if we cannot get back above this level. Outside markets are mixed with stocks down but the dollar is lower and crude is higher. This is limiting downside here at midday. Overall harvest weather is good so harvest activity could accelerate this week. The December contract chart support is at $3.26 1/2, the three-week low, then the contract low at $3.14 3/4. The 20-day at $3.31 3/4 is nearby resistance then $3.40, last week's high, then $3.44 1/4, the August-September high. SOYBEANS Soybean futures are 8 to 9 cents lower at midday, meal is down $5 and bean oil is down 5 points. We are at the daily lows with some downside momentum. A smaller weekly inspection number and talk of good U.S. yields have been noted for our lower midday trade, but we have not dropped to new September lows. The chart is below all major moving averages so it may be hard to keep beans from slipping further today and this week. Weather should allow for a good harvest pace as we enter October. The weekly export inspections were only 383,953 metric tons and futures slipped after this number. The weekly progress and condition report should note harvest just ahead of normal and conditions steady. On the November soybean chart support is at $9.43, then $9.37. Resistance is at the $9.62 level where we find both the 10-day and 20-day moving averages. WHEAT Wheat trade is 4 to 7 cents lower at midday with futures a few pennies off the morning lows following a good inspections number. The weekly export inspections were good at 875,049 metric ton. Any fresh export news will be good, but we need consistent weekly news to turn traders into demand bulls due to our historic low wheat prices right now. Our burdensome domestic and global supplies continue to keep world buyers hand to mouth with little price concern. On the Kansas City December chart support is at $4.14, the 20-day and lowest major moving average; resistance is at $4.25 3/4 which is the September high. 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.