DTN Midday Grain Comments 09/27 11:03

DTN Midday Grain Comments 09/27 11:03 Corn, Soybean Futures Higher at Midday; Wheat Lower Corn trade is 5 to 6 cents higher; beans are 7 to 8 cents higher and wheat trade is 3 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the S&P 500 up 2. The dollar index is 35 points higher. Interest rate products are mixed. Energies are firmer with crude 3.20 higher and natural gas .08 higher. Livestock trade is mostly lower with cattle the downside leader. Precious metals are weaker with gold 22.00 lower. CORN: Corn trade is 5 to 6 cents higher at midday with trade once again pressing into resistance levels with trade needing to consolidate to boost sentiment with harvest continuing to expand. Ethanol margins will likely stay sideways with the weekly report showing production up by 29,000 with stocks rising 367,000 barrels per day. The daily wire was quiet yesterday with expectations for fresh sales limited. Basis should resume a drift lower for early harvest with better pace expected into the weekend. On the report Friday trade is looking for stocks at 1.429 billion. On the December chart, the 20-day at $4.80 3/4 remains as resistance which we are above at midday, with the recent low at $4.67 3/4 as support SOYBEANS: Soybean trade is 7 to 8 cents higher at midday with trade working to consolidate back over the $13.00 area nearby with action a bit off the overnight highs with position squaring and harvest progress to continue short term. Meal is .50 to 1.50 lower and oil is 100 to 110 points higher. The daily wire has been quieter in recent days. Basis will likely stay flat as harvest slows a bit with the river system still declining in flows. South American weather shouldn't limit planting progress much short term. On the report, trade is looking for stocks at 242 million bushels. November chart support is the fresh low at $12.84 1/2, with resistance the 20-day at $13.40. WHEAT: Wheat trade is 3 to 9 cents lower with trade scoring fresh lows again with the stronger dollar and spread action keeping trade defensive. Matif wheat is flat with the dollar at fresh highs which is encouraging selling. Plains planting progress should move forward with warm and drier conditions likely to challenge stands early while Australia struggles. Little change in the Black Sea situation is seen with bushels still moving out and planting just underway as well. On the report, trade is looking for stocks at 1.772 billion bushels. On the KC December Chart, the 20-day at $7.28 is resistance with support, the lower Bollinger Band is at $7.05, with the fresh low at $6.97 just below that. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.