DTN Midday Grain Comments 09/07 10:46

DTN Midday Grain Comments 09/07 10:46 Grain Futures Seeing Red Midday Tuesday Corn is 11 to 13 cents lower, soybeans are 9 to 10 cents lower and wheat is 5 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the Dow down 260 points. The U.S. Dollar Index is 0.50 higher. Interest rate products are weaker. Energies are weaker with crude down $0.95. Livestock trade is weaker. Precious metals are weaker with gold down $38.00. CORN: Corn trade is 11 to 13 cents lower to start the week with sideways action giving way to risk-off trade, with little bullish news to entice buyers as harvest approaches. Ethanol margins should remain in the recent range with cheaper fall blends and weaker corn basis likely to shore up margins with the transition to the fall driving season. Brazil will continue to move along with the end of the second crop season with harvest wrapping up and next year's planting underway for first crop. Corn basis will likely continue to drift lower as we get closer to widespread harvest and warm weather likely to push maturity, along with weekly crop progress expected to show steady conditions and slightly above average maturity. Export inspections were soft at 275,799 metric tons with the disruption to shipping. On the December contract, we have support at the fresh low at $5.11 while resistance is the 20-day at $5.47. SOYBEANS: Soybeans are 9 to 10 cents lower with early buying fading as trade looks for further news on the export front with fresh sales and how shipping issues get resolved in the Gulf. Meal is $2.50 to $3.50 lower and oil is 0.50 cent to 0.60 cent lower. Warmer weather should continue to push the crop toward maturity. Basis levels have been flat to weaker in recent days. Trade will watch South American weather, but widespread planting is still a way off with U.S. exporters at an advantage into fall. Weekly export inspections were soft at 68,059 metric tons with weekly crop progress showing steady conditions and above average maturity. On the November soybean chart, resistance at the 20-day at $13.21 with support at the fresh low at $12.70. WHEAT: Wheat trade is 5 to 8 cents lower with KC leading to start the week and trade fading from nearby resistance again, with world production concerns still adding support. The dollar faded to the bottom of the recent range but is rebounding sharply Tuesday morning to add a headwind. KC firmed spread wise moving to even to Chicago, with Minneapolis at a 188-cent premium on the December in slightly firmer action. Weekly export inspections showed improvement at 381,551 metric tons with spring wheat harvest mostly complete. KC December on the chart has resistance at the 20-day at $7.24, which we are just below overnight with the lower Bollinger Band at $6.98 as the next level of support. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.