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DTN Midday Grain Comments 09/30 11:00

30 Sep 2021
DTN Midday Grain Comments 09/30 11:00 Grain Higher at Midday Corn is 6 cents to 7 cents higher, soybeans are 3 cents to 4 cents higher, and wheat is 9 cents to 11 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the Dow down 150 points. The U.S. Dollar Index is 15 points lower. Interest rate products are mostly firmer. Energies are firmer with crude up .55. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $40.00. CORN: Corn trade is 6 cents to 7 cents higher with corn scoring short-term highs ahead of the report. The Quarterly Stocks report is expected to show stocks at 1.15 billion bushels (bb) of corn. Ethanol margins will continue to struggle with natural gas values and soft driving demand. 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. Weekly export sales remain soft at 370,400 metric tons (mt). On the December contract, we have support at the 20-day at $5.23 with the upper Bollinger band at $5.43 next resistance, which we are just above. SOYBEANS: Soybeans are 3 cents to 4 cents higher with trade remaining rangebound with position squaring and little fresh bullish news to move the market pre-report. Meal is $1.50 to $2.50 lower and oil is $1.10 to $1.20 cents higher. The stocks report is expected to show stocks of 174 million bushels (mb). Harvest should continue to expand with weather continuing to push maturity along with a broad yield trend to emerge this week with good early results with quick drydown dinging yields a little in some spots with rains likely to slow progress soon. 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 scales up with a mixed short-term forecast. Weekly export sales were decent at 1.09 million metric tons (mmt) for this year, and 7,800 mt for next, with meal at 66,800 mt of old, and 162,900 mt of new, and 6,000 mt of old oil, and 22,400 mt of new. On the November soybean chart has resistance at the 20-day at $12.82, which will remain 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 8 cents to 11 cents higher at midday with trade holding the upper end of the range in pre-report action. The U.S. dollar is at fresh highs as well with a move over $94 on the index likely to stiffen resistance if sustained up here short term with light selling so far Thursday. KC is even to Chicago in weaker action, with Minneapolis at a $1.93 premium in flat action. The stocks report is expected to show 1.852 bb of wheat on hand. Plains weather looks wetter short term as planting expands with little fresh news on Southern Hemisphere weather so far. Weekly export sales continue to slow down at 290,100 mt. 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.