DTN Midday Grain Comments 09/14 10:55

DTN Midday Grain Comments 09/14 10:55 Corn and Beans Higher at Midday; Wheat Down Corn trade is 1 to 2 cents higher; beans are 8 to 9 cents higher. Wheat trade is 3 to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P up 30. The dollar index is 35 points higher. Interest-rate products are weaker. Energies are firmer with crude 1.50 higher and natural gas up .05. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold at 2. CORN: Corn trade is 1 to 2 cents higher at midday with trade seeing two-sided action as the recent range continues to hold as harvest expands and fresh news remains limited otherwise. Ethanol margins should remain stable in the short term with blender margins narrowing a bit as winter blends fully come online. The daily wire was quiet again today with weekly sales in line with recent weeks at 753,300 metric tons (mt)for this year and 25,400 for next. Basis should fade a bit more into harvest, especially where bushels are starting to move into town with harvest likely to expand more into the weekend. On the December chart, we continue to work just below the 20-day at $4.85 as resistance with trade is still unable to consolidate above it. The lower Bollinger Band is at $4.75 as remaining support with the low at $4.73 1/2, just below what we bounced off of post- report on Tuesday. SOYBEANS: Soybean trade is 8 to 9 cents higher with light midday buying as trade works to firm back further from the post-report weakness after reversing yesterday with meal leading the product complex. Meal is 5.00 to 6.00 higher and oil is 10-20 points higher. The daily wire has been quiet since Monday with weekly sales a little softer at 703,900 mt of 2023 crops, meal at -201,300 from last crop year, and 454,700 for this year, and oil was -3,900 mt. Basis will erode more into harvest with river concerns remaining. 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 13.66 with the lower Bollinger Band at 13.31 as support. WHEAT: Wheat trade is 3 to 10 cents lower with trade needing to consolidate the midweek reversal with talk of new ships transiting into Ukraine ports and little other fresh news with trade to firm back a bit from the early day session selling. Matif wheat is slightly firmer with the dollar scoring fresh highs. Weekly export sales improved slightly again to 437,900 mt. On the KC December Chart, the 20-day at $7.41 is resistance which we are back below at midday with support for the lower Bollinger Band 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.