DTN Midday Grain Comments 09/05 10:53

DTN Midday Grain Comments 09/05 10:53 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 2 to 3 cents lower; wheat futures are 4 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 2 to 3 cents lower; wheat futures are 4 to 6 cents higher. The U.S. stock market is weaker with the S&P off 10. The U.S. Dollar Index is 60 points higher. Interest rate products are weaker. Energies are mostly firmer with crude 1.70 higher and natural gas off .12. Livestock trade is mostly higher. Precious metals are weaker with gold off 14.50. CORN: Corn futures are 3 to 4 cents higher with firmer action during the day session after mixed overnight action with harvest likely to spread as temps moderate, but rains will be limited until next week. The weather will continue to push the crop toward maturity in the short term with slight declines expected in conditions this week with maturity still a bit ahead of the 5-year average. Ethanol margins should remain stable with cheaper winter blends coming forward to narrow blender margins a bit. Weekly export inspections are still soft at 481,309 metric tons (mt). Basis should fade a bit more into harvest with notable pressure through the center of the belt. On the December chart, we are just below the 20-day moving average at $4.86 as resistance, with the lower Bollinger Band at $4.74 as support. SOYBEANS: Soybean futures are 2 to 3 cents lower at midday with moderating heat into early harvests along with product weakness keeping action defensive to start the week. Meal is .50 to 1.50 lower and oil is 50 to 60 points lower. Weekly export inspections are still soft at 378,595 mt. Weekly crop progress should show conditions a bit lower with maturity above normal. Basis will erode more into harvest with the hot weather likely to push maturity. South American planting will start to develop as we get deeper into the month. November chart resistance is the July high at $14.35 with the upper Bollinger Band above the market at 14.12 as well, then the 20-day moving average down at $13.49 as bigger support. WHEAT: Wheat futures were 4 to 6 cents higher with trade turning higher during the day sessions while we keep consolidating at the low. Matif wheat is weaker as well with the dollar scoring fresh highs again with Northern Hemisphere harvest wrapping up, keeping pressure on the trade. Weather should allow for spring wheat harvest to wrap up with early planting on the Plains supported by better moisture expectations on the Plains. Weekly export inspections remained soft at 299,862 mt. On the KC December chart, the 20-day moving average at $7.51 is resistance with support the lower Bollinger Band at $7.17, which we closed just above. David Fiala can be reached at [email protected] Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.