DTN Midday Grain Comments 09/19 10:56

DTN Midday Grain Comments 09/19 10:56 Corn Futures Higher at Midday; Soybeans Lower; Wheat Steady to Higher Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 1 to 2 cents lower; wheat futures are flat to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 1 to 2 cents lower; wheat futures are flat to 2 cents higher. The U.S. stock market is weaker with the S&P down 25. The U.S. Dollar Index is 5 points lower. Interest rate products are weaker. Energies are firmer with crude 1.30 higher and natural gas up .12. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold 1.00 higher. CORN: Corn futures are 3 to 4 cents higher at midday, easing into fresh lows again before seeing some short-covering during the day session, even as harvest expands further. Ethanol margins should remain stable, but near-term driving demand has softened a bit, along with the slide in corn values. Weekly crop progress showed good to excellent down 1% to 51% and 20% poor to very poor with 90% dented versus 87% on average, 54% mature versus 44% on average, and 9% harvested versus 7% on average. 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 moving average at $4.82 3/4 as resistance, with the fresh low at $4.67 3/4. SOYBEANS: Soybean futures are 1 to 2 cents lower at midday with softer trade continuing as we migrate back toward $13.00 while harvest expands and product action remains soft. Meal is flat to 1.00 higher and oil is 20 to 30 points lower. Basis will erode more into harvest with river concerns remain as the Mississippi River is near the lowest flows of the year with more than one rain system needed to improve things. Weekly crop progress showed the crop rated at 52% good to excellent, unchanged, and 18% poor to very poor. Crop progress was reported at 54% dropping leaves versus 43% on average; 5% harvested versus 4% on average. South American weather is keeping rains to Southern Brazil and Northern Argentina so far with planting to expand shortly. November chart resistance is the Lower Bollinger Band at $13.18, with support the $13.00 mark. WHEAT: Wheat futures are flat to 2 cents higher with trade firming off the early lows again with little weather threat to planting so far with moisture for many later in the week. Matif wheat is slightly higher at midday with the dollar just off the highs. Weekly crop progress showed 15% planted versus 16% on average, and spring wheat 93% harvested, equal to average. On the KC December chart, the 20-day moving average at $7.39 is resistance, which we are back just below this morning, with support the lower Bollinger Band at $7.14, which we bounced off last week. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.