DTN Midday Grain Comments 09/07 11:26

DTN Midday Grain Comments 09/07 11:26 Soybean, Wheat Futures Lower at Midday; Corn Futures Mixed Corn futures are narrowly mixed at midday Thursday; soybean futures are 12 to 13 cents lower; wheat futures are 2 to 7 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Thursday; soybean futures are 12 to 13 cents lower; wheat futures are 2 to 7 cents lower. The U.S. stock market is mixed with the S&P up 20. The U.S. Dollar Index is 20 points higher. Interest rate products are mostly firmer. Energies are mixed with crude .30 lower and natural gas up .09. Livestock trade is firmer. Precious metals are weaker with gold off 1.50. CORN: Corn futures are narrowly mixed in quiet midday trade as we continue the recent sideways trend. Harvest will continue to expand in the near term with little other fresh news. The weather will continue to push the crop toward maturity in the short term, even as the heat pulls back a bit ahead of some potential weekend rains in the west. Ethanol margins should remain stable to better in the short term with some blender improvements with the weekly report showing production 5,000 barrels per day (bpd) higher, with stocks 12,000 barrels higher. USDA's weekly export sales and shipments report is delayed until Friday due to the Monday Labor Day holiday. Basis should fade a bit more into harvest, especially where bushels are starting to move into town. On the December chart, we are right at the 20-day moving average at $4.86 as resistance, with trade still needing to consolidate above it, with the lower Bollinger Band at $4.75 as further support. SOYBEANS: Soybean futures are 12 to 13 cents lower at midday with trade establishing more of a sideways pattern. Early harvest is about to ramp up with trade still watching how the last bit of finishing weather goes as we cool into the weekend, along with notable product weakness. Meal is 3.50 to 4.50 lower and oil is 145 to 155 points lower. Basis will erode more into harvest with river concerns growing. South American planting will start to develop as we get deeper into the month. November chart resistance is the upper Bollinger Band above the market at $14.13 as well, then the 20-day moving average down at $13.56 as bigger support. WHEAT: Wheat futures are 2 to 7 cents lower at midday with trade working to consolidate the Wednesday push off the lows as we pressed into resistance levels before fading. Matif wheat is slightly firmer with the dollar holding the upper end of the range. 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. On the KC December chart, the 20-day moving average at $7.47 is resistance, which we are just below Thursday, with support the lower Bollinger Band at $7.17. David Fiala can be reached at [email protected] Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.