DTN Midday Grain Comments 09/27 10:44

DTN Midday Grain Comments 09/27 10:44 Corn and Soybeans Seeing Double-Digit Gains Corn is 12 to 13 cents higher, soybeans are 11 to 12 cents higher and wheat is 2 to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the Dow up 150 points. The U.S. Dollar Index is 0.07 higher. Interest rate products are lower. Energies are firmer with crude up $0.30. Livestock trade is weaker. Precious metals are mixed with gold down $1.90. CORN: Corn trade is 12 to 13 cents higher at midday Monday with expectations of weaker yield trends and broader commodity support pushing trade back to the upper end of the recent range. Ethanol margins will tighten a bit with natural gas prices firming alongside corn, while driving demand moves sideways short term, limiting blender upside even as unleaded pushes to fresh highs. South America will continue with early full-season corn planting with little weather concerns there so far. Corn basis will continue to fade with harvest continuing to push forward at a good clip. Weekly export inspections showed a bit of improvement at 517,539 metric tons, with weekly crop progress showing steady conditions and slightly above-average maturity and harvest pace. On the December contract, we have support at the 20-day at $5.24 with the upper Bollinger Band at $5.42 next resistance. SOYBEANS: Soybeans are 11 to 12 cents higher at midday with trade pushing through nearby resistance levels to start the week and the broad commodity strength. Meal is $4.00 to $5.00 higher and oil is flat to 0.20 cent higher. Harvest should continue to expand with weather continuing to push maturity along with a broad yield trend to emerge this week. Basis levels have been flat to weaker in recent days. South American planting will get more attention into the end of the month as well as action scaling up with a mixed short-term forecast. Weekly export inspections improved at bit at 440,742 metric tons, with steady conditions and above-average harvest pace on the weekly report. On the November soybean chart, resistance is at the 20-day at $12.84, which we are just above, with further support at the recent low at $12.57 1/2, and the upper Bollinger Band above the market at $13.03. WHEAT: Wheat trade is 2 to 4 cents higher with trade chopping along the upper end of the range with spillover from outside markets offsetting the dollar strength. The dollar is back near the highs as well, but effects have been muted so far. KC is 2 cents below Chicago in firmer action, with Minneapolis at a 195-cent premium in weaker action as well. Weather in the Plains looks wetter short term as planting expands with little fresh news on Southern Hemisphere weather so far. Weekly export inspections were disappointing at 286,087 metric tons with weekly crop progress likely to show planting and emergence just ahead of average. KC December on the chart has support at the 20-day at $7.07, with the upper Bollinger Band at $7.32 as resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.