DTN Midday Grain Comments 09/18 11:00

DTN Midday Grain Comments 09/18 11:00 Corn, Beans and Wheat Lower at Midday Corn trade is 4 cents to 6 cents lower; beans are 19 cents to 21 cents lower and wheat trade is 11 cents to 16 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P up 9. The dollar index is 20 points lower. Interest-rate products are weaker. Energies are firmer with crude 1.30 higher and natural gas up by .06. Livestock trade is weaker. Precious metals are mixed with gold 3.00 higher. CORN: Corn trade is 4 cents to 6 cents lower, scoring a fresh low with harvest to expand until it rains later in the week along with negative spillover from wheat and soybeans. Ethanol margins should remain stable but near term, driving demand has softened a bit. The daily wire was quiet to start the week with inspections in line with expectations at 642,095 metric tons (mt). Weekly crop progress is expected to show steady conditions with harvest and maturity running just ahead of the five-year average. Basis should flatten out a bit more as harvest moves are built in. On the December chart, we continue to work below the 20-day at $4.83 1/2 as resistance, with the fresh low at $4.69. SOYBEANS: Soybean trade is 19 cents to 21 cents lower with harvest pressure and product weakness spilling trade back towards the $13 area. Meal is 1.50 to 2.50 lower, and oil is 110 to 130 points lower. The daily wire showed 123,000 mt sold to China with inspections still soft at 393,004 mt. Basis will erode more into harvest with river concerns as the Mississippi River remains near the lowest flows of the year. Weekly crop progress is expected to show steady crop conditions with maturity and harvest just ahead of the five-year pace. South American weather has rains in Southern Brazil and Northern Argentina so far. November chart resistance is the 20-day average at 13.66 with the lower Bollinger Band at 13.26 as support. WHEAT: Wheat trade is 11 cents to 16 cents lower at midday with trade fading back into the recent mid-range with new ships reaching Ukraine ports along with little other fresh news. The plains should see better moisture in spots as winter wheat planting expands and spring wheat harvest is just about wrapped up. Matif wheat is sharply lower with the dollar just off the highs. Weekly export inspections were range-bound at 367,371 mt, with weekly crop progress showing planting near the five-year average. On the KC December Chart, the 20-day at $7.41 is resistance with support for the lower Bollinger Band at $7.14 which we bounced off last week. David Fiala can be reached at [email protected] Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.