DTN Midday Grain Comments 09/12 10:47

DTN Midday Grain Comments 09/12 10:47 Soybean Futures Higher at Midday; Corn, Wheat Lower Corn trade is 1 cent to 2 cents lower; beans are 8 cents to 10 cents lower and wheat trade is 3 three to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P 500 off 20. The dollar index is 25 points higher. Interest rate products are mixed. Energies are firmer with crude 1.95 higher and natural gas up .15. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off 11.50. CORN: Corn trade is 1 cent to 2 cents lower in choppy pre-report action with position squaring continuing as harvest continues to expand this week. Ethanol margins should remain stable in the short-term with blenders margins boosted by refinery issues in some areas before cheaper winter blends come online. The daily wire was quiet again today. 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 showed 52% good to excellent, down 1%, and 18% poor to very poor with 82% dented vs. 78% on average, 34% mature vs. 28% on average, and 5% harvested vs. 4% on 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 $4.85 as resistance with trade still unable to consolidate above it, with the lower Bollinger Band at $4.75 as further support. SOYBEANS: Soybean trade is 8 cents to 10 cents lower at midday with softer product action ahead of the report with range bound action continuing as we give back the gains from Monday although we have edged back from the lows. Meal is 3.00 to 4.00 lower and oil is 20 to 30 points lower. The daily wire should remain somewhat active for the short term with nothing reported today. Weekly crop progress showed 52% good to excellent down 1%, and 18% poor to very poor with 31% dropping leaves vs. 25% on 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 as rains fall in South Brazil. November chart resistance is the upper Bollinger Band above the market at 14.09, then the 20-day day at 13.63 as support which we are just below pre-report. WHEAT: Wheat trade is 3 cents to 9 cents lower with Spring wheat leading as we continue to work the lower end of the range amid oversold conditions ahead of the report. Matif wheat is weaker with the dollar still at the upper end of the range as it rebounds from Monday's selling. Winter wheat planting was 7% vs. 7% on average on the report with spring wheat harvest at 87%, which was also the same as average. On the report, trade is looking for a 615-million-bushel carryout domestically. On the KC December Chart, the 20-day at $7.42 is resistance with support for the lower Bollinger Band at $7.16 which we bounced off today. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.