DTN Midday Grain Comments 09/08 10:54

DTN Midday Grain Comments 09/08 10:54 Soybean Futures Higher at Midday; Corn, Wheat Mixed Corn futures are narrowly mixed at midday Friday; soybean futures are 2 to 4 cents higher; wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Friday; soybean futures are 2 to 4 cents higher; wheat futures are narrowly mixed. The U.S. stock market is firmer with the S&P up 20. The U.S. Dollar Index is 15 points lower. Interest rate products are firmer. Energies are firmer with crude .85 higher and natural gas up .05. Livestock trade is mostly lower. Precious metals are mixed with gold up 3.50. CORN: Corn futures are narrowly mixed at midday with trade working to consolidate further as harvest expands. Wetter weather will possibly slow progress in the west this weekend and there is position-squaring as we head to the report Tuesday. Ethanol margins should remain stable to better in the short term with some blender improvements and tighter unleaded stocks in some areas. Weekly export sales showed some improvement at cancellations of 15,200 metric tons (mt) of old crop, but sales of 949,700 mt of new. 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 2 to 4 cents higher as we work to hold above nearby support into the weekend with early harvest likely to expand further with product action favoring meal Friday. Meal is 3.50 to 4.50 higher and oil is 40 to 50 points lower. The daily export wire showed a sale of 121,000 mt of soybeans to China for delivery during the 2023/2024 marketing year. Weekly export sales were solid at 155,600 mt old crop; 1.783 million metric tons (mmt) new; 297,100 old meal; 143,100 new meal; and a cancellation of 900 oil. Basis will erode more into harvest with river concerns growing. South American planting will start to develop as we get deeper into the month with issues limited early on. November chart resistance is the upper Bollinger Band above the market at $14.11, then the 20-day moving average down at $13.58 as bigger support. WHEAT: Wheat futures are narrowly mixed at midday with trade looking to remain rangebound into the weekend after failing to extend the midweek reversal. Matif wheat is weaker 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 in some areas this weekend. USDA reported weekly export sales rangebound at 370,300 mt. On the KC December chart, the 20-day moving average at $7.46 is resistance, which we pulled back from 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.