DTN Midday Grain Comments 09/13 10:55

DTN Midday Grain Comments 09/13 10:55 Soybean Futures Lower at Midday; Corn, Wheat Higher Corn trade is 3 to 4 cents higher; beans are 5 to 6 cents lower and wheat trade is 7 to 14 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S and P up 15. The dollar index is 5 points higher. Interest rate products are weaker. Energies are firmer with crude .05 higher and natural gas up .02. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold flat. CORN: Corn trade is 3 to 4 cents higher at midday with trade working to stay in the middle of the range after bouncing off the low post-report yesterday with spillover support from wheat. Ethanol margins should remain stable short term with the weekly report showing production up 27,000 barrels with stocks off by 450,000 barrels post-Holiday travel. The daily wire was quiet again today. On the WASDE report trade, yield was at 173.8 BPA from 175.1 last month with carryout at 2.221 billion bushels from 2.202 last month, with harvested acres 784,000 higher with world carryout edging 2.9 million metric tons higher to 314 million. Basis should fade a bit more into harvest with especially where bushels are starting to move into town with harvest likely to expand more into the weekend. On the December chart we are trading just below at 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 remaining support with the low at $4.73 1/2 just below that. SOYBEANS: Soybean trade is 5 to 6 cents lower with trade working to find support after the post-report selling yesterday despite tighter numbers on the report with harvest pressure and demand concerns lingering. Meal is 5.00 to 6.00 lower and oil is 130 to 150 points higher. The daily wire has been quieter this week, but further activity is still expected. On the report, yield was 50.1 BPA vs. 50.9 last month with harvested acres up by 95,000 while carryout faded from 245 million to 220 million bushels with world carryout fractionally lower to 119.3 million metric tons. 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 20-day day at 13.64 with the lower Bollinger Band at 13.24 as support. WHEAT: Wheat trade is 7 to 14 cents higher at midday as we work to extend the post-report reversal off the lower end of the range scored yesterday with little change to planting weather and fresh attacks on Crimean bases making headlines. Matif wheat is sharply higher with the dollar still in the upper end of the range as a rebound from the selling on Monday. On the report, domestic carryout was unchanged at 615 million bushels with world stocks falling 7.0 million metric tons to 258.6 million from last month. On the KC December Chart, the 20-day at $7.42 is showing resistance, which we are testing at midday with support. The lower Bollinger Band is at $7.14, which we bounced off Monday. David Fiala can be reached at [email protected] Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.