DTN Midday Grain Comments 09/02 10:53

DTN Midday Grain Comments 09/02 10:53 Grain Futures Green Midday Friday Corn trade is 9 to 10 cents higher; beans are 18 to 20 cents higher and wheat is 13 to 15 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 9 to 10 cents higher; beans are 18 to 20 cents higher and wheat is 13 to 15 cents higher. The U.S. stock market is firmer with the Dow up 325 points. The U.S. Dollar Index is 0.75 lower. Interest rate products are higher. Energies are mixed with crude up $1.50. Livestock trade is mixed with live cattle leading. Precious metals are firmer with gold $18.00 higher. CORN: Corn trade is 9 to 10 cents higher at midday Friday with light buying as outside markets rebound a bit along with position squaring into Labor Day weekend, with little other fresh news for our Friday. Short-term forecasts have the center of the Corn Belt drier with higher temps short term, setting the stage for early harvest expansion through Labor Day weekend. The export wire will be watched for business as the extent of weekly action will remain unclear through Sept. 15, with nothing hitting the daily wire this week. Ethanol margins will continue to see pressure from corn, firm natural gas and softer unleaded futures seasonally, but harvest basis will soon provide support in many areas to boost profitability. Basis will be watched to see how quickly we go to harvest footing, and how aggressively the West will bid for corn in the deficit areas out of the gate with more action expected next week. On the December chart, trade is remains below the upper Bollinger Band at $6.86 with $7.00 the next level up, with the 20-day well below the market at $6.40. SOYBEANS: Soybean trade is 18 to 20 cents higher at midday with trade working to move back above $14.00 nearby after fading through that area Thursday, with selling easing on profit taking into the weekend after we broke our streak of export sales announcements. Meal is flat to $1.00 higher and oil is 1.65 cents to 1.75 cents points higher. South America is moving toward planting preparation as the export advantage will begin to shift to the U.S. over the next few weeks. Weather looks to remain mostly dry short term, keeping maturity moving along with early harvest just around the corner now. Basis will continue to shift toward harvest footing with trade watching to see how quickly export shipments pick up. On the November soybean chart, resistance is the 20-day at $14.25, which we faded below midweek, with the lower Bollinger Band at $13.77 below the market. WHEAT: Wheat trade is 13 to 15 cents higher at midday with trade working to find footing after the Thursday washout, with the weaker dollar, weather concerns and the continued Black Sea uncertainty adding support to start the session, as trade works back a little from the early highs. Weather in the Plains remains a bit mixed short term with more moisture needed to boost emergence this fall, especially in Kansas, while spring wheat harvest will continue to move along. The dollar is testing the highs with interest rate outlooks remaining in focus with MATIF prices remaining mostly rangebound with a little selling overnight after the poor U.S. close Thursday. Fertilizer production in Europe will continue to be watched as well with some plants offline again. The KC December chart has support at the 20-day at $8.75, which we are just above at midday, with the lower Bollinger Band at $8.30 as further support and the upper Bollinger Band at $9.20 as resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.