DTN Midday Grain Comments 09/02 10:58

DTN Midday Grain Comments 09/02 10:58 Grains Mixed at Midday Corn is narrowly mixed, soybeans are 5 to 6 cents higher, and wheat is flat to 7 cents lower. David M. Fiala DTN Contributing Analyst The U.S. stock market is mixed with the Dow up 160 points. The dollar index is 48 higher. Interest rate products are higher. Energies are mostly lower with crude down $0.90. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold down $30. CORN Corn trade is narrowly mixed at midday with early losses turning to light buying yet again with overbought conditions remaining in place. Ethanol margins are stable with the weekly report showing production down 9,000 barrels per day, with stocks rising 473,000 barrels. Basis has remained fairly flat in recent days, with pressure likely at locations with the heat pushing the crop forward. On the December contract, trade has support at the $3.48 gap area, with the recent high at $3.64 as resistance. SOYBEANS Soybean trade is 5 to 6 cents higher at midday with active trade continuing as we pull back from the Sunday night high areas, but remain solidly above the Monday night spike low with buying building through midday. Meal is flat to $1.00 higher and oil is 50 to 60 points higher. The ral remains in the lower end of the range ahead of South American planting. Soybean basis has found spots of support at crushers as well even as crush takes a back seat to export movement heading towards harvest. The November chart now has resistance at the $9.66 fresh high scored Monday with support the 20-day at $9.11. WHEAT Wheat trade is flat to 7 cents lower with spring wheat leading as the winter wheats fade back from the fresh highs. The dollar remains at the lower end of the range as well but the firmer action will likely limit upside from here if sustained. Kansas City is at a 77-cent discount to Chicago with spreads moving back towards the middle of the range, while Minneapolis is back to a 10 cent discount with the spring wheat strength. Kansas City December chart resistance is the upper Bollinger Band at $4.88 that we are just below with $5.00 the next round up, and support is the 20-day at $4.50. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2020 DTN, LLC. All rights reserved.