DTN Midday Grain Comments 09/22 10:55

DTN Midday Grain Comments 09/22 10:55 Corn Mixed, Beans and Wheat Higher Corn trade is narrowly mixed; beans are 3 cents to 4 cents higher and wheat trade is 2 cents to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P up 25. The dollar index is 10 points higher. Interest rate products are firmer. Energies are mixed with crude .50 higher and natural gas narrowly mixed. Livestock trade is mixed with cattle leading. Precious metals are firmer with gold 8.00 higher. CORN: Corn trade is narrowly mixed at midday with trade staying in the middle of the range after the pullback Thursday with harvest progress to slow from near-term rains into the weekend. Ethanol margins should remain stable in the near-term with signs of driving demand rebounding short-term. The daily wire was quiet to end the week. Basis could find some short-term strength ahead of the expected slowdown for weekend rains. On the December chart, the 20-day at $4.81 3/4 remains as resistance, with the fresh low at $4.67 3/4 as support. SOYBEANS: Soybean trade is 3 cents to 4 cents higher at midday with light buying after the Thursday washout with trade working to regain footing around $13 on the November contract with harvest progress likely to slow into the weekend and oil leading the product complex. Meal is 2.00 to 3.00 lower and oil is 140 to 150 points higher. The daily wire was quiet to end the week. Basis will likely stay flat as harvest slows a bit with more than one system needed to boost flows in the Mississippi River system. South American weather is keeping rains to Southern Brazil and Northern Argentina so far with planting to expand into the end of the month with better rains to the north next week. November chart support is the fresh low at $12.92 1/2, with resistance at the 20-day at $13.58. WHEAT: support at the lows again after washing out with row crops yesterday along with little other fresh news to drive trade to the weekend. Matif wheat is flat to slightly lower at midday with the dollar holding near the highs. Plains planting progress should be boosted by potential moisture in the extended forecast with Australia and the Black Sea areas warmer and drier short term. The first ships have sailed out of Ukraine ports again with trade watching to see how traffic picks up. On the KC December Chart, the 20-day at $7.38 is resistance with support of the lower Bollinger Band at $7.12, which is just above the fresh low at $7.07. David Fiala can be reached at [email protected] Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.