DTN Midday Grain Comments 09/06 10:51

DTN Midday Grain Comments 09/06 10:51 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 11 to 13 cents higher; wheat futures are 14 to 24 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 11 to 13 cents higher; wheat futures are 14 to 24 cents higher. The U.S. stock market is weaker with the S&P off 35. The U.S. Dollar Index is 15 points higher. Interest rate products are mostly weaker. Energies are flat with crude .10 lower and natural gas off .04. Livestock trade is mixed with cattle leading. Precious metals are weaker with gold off 11.50. CORN: Corn futures are 1 to 2 cents higher at midday with light strength as we try to consolidate above nearby resistance. There is support from soybeans and wheat as harvest continues to expand in the short term. The weather will continue to push the crop toward maturity even as the heat pulls back. USDA rated the corn crop 53% good to excellent at 53%, off 3 points on the week; 18% poor to very poor, up 1 point. Progress was 67% dented versus 65% on average; 18% mature versus 16% on average. Ethanol margins should remain stable with cheaper winter blends coming forward to narrow blender margins a bit with the weekly report delayed until Thursday. Basis should fade a bit more into harvest, especially where bushels are starting to move into town. On the December chart we are just above the 20-day moving average at $4.86 as resistance at midday, with the lower Bollinger Band at $4.74 as further support. SOYBEANS: Soybean futures are 11 to 13 cents higher at midday with trade firming after the weekly crop progress report showed further deterioration as early harvest gets going in some areas with action a bit off the highs of the session. Meal is 2.50 to 3.50 higher and oil is 55 to 65 points lower. Weekly crop progress showed good to excellent at 53%, off 5 points, with 17% poor to very poor, up 3 points. Progress was reported at 16% dropping leaves versus 13% on average. Basis will erode more into harvest with maturity likely to continue advancing. 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 $14.13 as well, then the 20-day moving average down at $13.53 as bigger support. WHEAT: Wheat futures are 14 to 24 cents higher with trade working to build further back from the lower end of the range. Spread action is steady to firmer spread with short-covering picking up through the day session. Matif wheat is solidly firmer as well with the dollar just off the fresh highs again. Northern Hemisphere harvest is moving forward with spring wheat at 74% complete versus 77% on average. Weather should allow for spring wheat harvest to wrap up with early planting on the Plains supported by better moisture expectations over the next week on the Plains into the weekend with 1% planted versus 3% on average. On the KC December chart, the 20-day moving average at $7.49 is resistance, which we are just below at midday with support the lower Bollinger Band at $7.15. David Fiala can be reached at [email protected] Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.