DTN Midday Grain Comments 09/11 10:52

DTN Midday Grain Comments 09/11 10:52 Soybean Futures Higher at Midday; Corn, Wheat Lower Corn trade is 1 to 2 cents lower; beans are 4 to 6 cents higher and wheat trade is 6 to 14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 1 to 2 cents lower; beans are 4 to 6 cents higher and wheat trade is 6 to 14 cents lower. The U.S. stock market is firmer with the S&P 500 up 15. The dollar index is 55 points lower. Interest rate products are weaker. Energies are mixed with crude 0.25 lower and natural gas up 0.01. Livestock trade is firmer. Precious metals are firmer with gold up 4.50. CORN: Corn trade is 1 to 2 cents lower at midday with trade remaining rangebound to start the week with further position squaring likely ahead of tomorrow's WASDE report along with continued harvest expansion this week. Ethanol margins should remain stable short term with blenders margins boosted by refinery issues in some areas before cheaper winter blends come online. The daily wire has been quiet in recent days with export inspections improving slightly to 623,862 metric tons. On the WASDE report trade is looking for 173.4 BPA yield with a new crop carryout at 2.134 billion bushels. Weekly crop progress should show steady conditions with maturity running ahead of the five-year average. Basis should fade a bit more into harvest especially where bushels are starting to move into town. On the December chart we are trading just below the 20-day at $4.86 as resistance with trade failing to consolidate above it to close last week, with the lower Bollinger Band at $4.75 as further support. SOYBEANS: Soybean trade is 4 to 6 cents higher at midday with range bound action continuing ahead of the report tomorrow with little excitement in product trade to start the week. Meal is 1.00 to 2.00 higher and oil is flat to 10 points lower. The daily wire should remain somewhat active with 185,000 metric tons of meal sold to the Philippines with weekly inspections still soft at 310,073 metric tons. Weekly crop progress should show steady conditions with maturity still solidly ahead of the five-year average. On the report, trade is looking for yields at 50.1 BPA and a new crop carryout at 213 million bushels. 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 14.10, then the 20-day down at 13.61 as bigger support. WHEAT: Wheat trade is 6 to 14 cents lower at midday with better moisture for much of the plains as we head deeper into winter wheat planting with harvest wrapping up to the north with broad selling returning to start the week. Matif wheat is weaker with the dollar still in the upper end of the range despite the weakness early today. Winter wheat planting should be near the five-year average on the report with spring wheat harvest nearly complete. Weekly export inspections remain soft at 406,181 metric tons. On the report, trade is looking for a 615 million bushel carryout. On the KC December Chart, the 20-day at $7.44 is resistance with support the lower Bollinger Band at $7.16 which we are testing. David Fiala can be reached at [email protected] Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.