DTN Midday Grain Comments 09/29 10:51

DTN Midday Grain Comments 09/29 10:51 Grain Futures Moving Up Midday Wednesday Corn is 5 to 6 cents higher, soybeans are 8 to 10 cents higher and wheat is 3 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the Dow up 190 points. The U.S. Dollar Index is 0.45 higher. Interest rate products are mostly firmer. Energies are mixed with crude up $0.50. Livestock trade is weaker. Precious metals are weaker with gold down $7.00. CORN: Corn trade is 4 to 5 cents higher at midday Wednesday with trade holding near the upper end of the range and harvest still expanding. The quarterly stocks report Thursday is expected to show stocks at 1.15 billion bushels of corn. The weekly ethanol report showed production off by 12,000 barrels per day and stocks up 109,000 while natural gas fades a bit to help on margins. South America will continue with early full-season corn planting with little weather concerns there so far. Corn basis will continue to fade to harvest continuing to push forward at a good clip. On the December contract, we have support at the 20-day at $5.23 with the upper Bollinger Band at $5.40 next resistance, which we are just below. SOYBEANS: Soybeans are 8 to 10 cents higher at midday as trade remains rangebound with position squaring and little fresh bullish news to move the market. Meal is $1.50 to $2.50 higher, and oil is 0.25 cent to 0.35 cent higher. The stocks report is expected to show stocks of 174 million bushels. Harvest should continue to expand with weather continuing to push maturity along. Basis levels have been flat to weaker in recent days. South American planting will get more attention into the end of the month. On the November soybean chart, resistance is at the 20-day at $12.82, which we are just above at midday, 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 3 to 9 cents higher at midday with trade pushing back towards the upper end of the range with spillover from the row crops offsetting the stronger dollar. The dollar is at fresh highs as well with a move over 94 points on the index likely to stiffen resistance, if sustained. KC is 1 cent below Chicago in flat action, with Minneapolis at a 195-cent premium in weaker action as well. The stocks report is expected to show 1.852 billion bushels of wheat on hand. Weather in the Plains looks wetter short term as planting expands with little fresh news on Southern Hemisphere weather so far. KC December on the chart has support at the 20-day at $7.07, with the upper Bollinger Band at $7.33 as resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.