DTN Midday Grain Comments 09/15 10:46

DTN Midday Grain Comments 09/15 10:46 Corn and Beans Lower at Midday; Wheat Higher Corn trade is 3 to 5 cents lower; beans are 14 to 16 cents lower and wheat trade is 3 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with the S&P down 35. The dollar index is 15 points higher. Interest rate products are weaker. Energies are mixed with crude .30 higher and natural gas off .03. Livestock trade is firmer with cattle leading. Precious metals are firmer with gold 17.00 higher. CORN: Corn trade is 3 to 5 cents lower with a bit of weakness into a harvest weekend with little other fresh news as action stays rangebound overall. Ethanol margins should remain stable short term with blender margins narrowing a bit with winter blends phasing in and nearby driving demand soft. The daily wire was quiet to end the week. Basis should flatten out a bit more as harvest moves are being built in. On the December chart we continue to work 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 which we bounced off of post report on Tuesday. SOYBEANS: Soybean trade is 14 to 16 cents lower at midday with trade seeing weakness after the midweek bounce with harvest pressure to build further into the weekend along with meal losing momentum again on the product side. Meal is 2.50 to 3.50 lower and oil is 60 to 70 points lower. The daily wire has been quiet since Monday. Basis will erode more into harvest with river concerns remaining as the Mississippi River remains near the lowest flows of the year. South American planting will start to develop as we get deeper into the month with issues limited early on. November chart resistance is the 20-day day at 13.67 with the lower Bollinger Band at 13.36 as support. WHEAT: Wheat trade is 3 to 9 cents higher at midday with trade looking to consolidate the early week rebound with dollar strength still limiting upside while Black Sea events see less reaction and planting weather looks better for the plains short term. Matif wheat is a bit weaker with the dollar just off the highs. Weekly export sales improved slightly again to 437,900 metric tons. On the KC December Chart, the 20-day at $7.41 is resistance, which we are just above at midday, with support the lower Bollinger Band at $7.14, which we bounced off Monday. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.