DTN Midday Grain Comments 09/04 10:51

DTN Midday Grain Comments 09/04 10:51 Corn, Soybean, Wheat Futures All Higher at Midday Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 3 to 4 cents higher; wheat futures are 7 to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 3 to 4 cents higher; wheat futures are 7 to 8 cents higher. The U.S. stock market is mixed at midday with the S&P 5 points lower. The U.S. Dollar Index is 45 points lower. The interest rate products are firmer. Energy trade has crude .20 lower and natural gas flat. Livestock trade is mostly lower. Precious metals are firmer with gold up 5.00. CORN: Corn futures are 1 to 2 cents higher with trade working to extend the strong start to the week and establish a short-term uptrend, even as early harvest gets rolling. Ethanol margins may continue to narrow into fall with the weekly report delayed until Thursday. Weather looks to mostly keep maturity moving forward with some colder air into the north this weekend. The weekly crop progress report showed the good-to-excellent percentage at 65%, unchanged, with 12% poor to very poor. Ninety percent was in the dough stage, same as average; 60% dented versus 58% on average; 19% mature versus 13% on average. Basis action will likely continue to fade into mid-month with nearby demand absorbing some of the early bushels. On the December chart, the 20-day moving average at $3.96 is now support with the next round up at the Upper Bollinger Band at $4.08, which we are just above at midday. SOYBEANS: Soybean futures are 3 to 4 cents higher at midday with early two-sided action as we consolidate over $10.00 on the November contract with meal leading the product complex. Meal is 1.50 to 2.50 higher and oil is 5 to 15 points lower. Warmer weather should continue to push maturity in much of the belt into mid-month after the weekend cool down. Weekly crop progress showed good to excellent 2% lower at 65% with 10% poor to very poor with 94% setting pods versus 93% on average, and 13% dropping leaves versus 10% on average. Basis looks to fade further as early harvest draws closer. The November chart support is at the 20-day moving average at $9.85, with the Upper Bollinger Band at $10.20 as the next level of resistance. WHEAT: Wheat futures are 7 to 8 cents higher at midday with trade holding gains with better world action and harvest pressure easing and attention turning to winter wheat planting conditions. Northern Hemisphere harvest should continue to roll forward in the short term with weekly crop progress showing spring wheat 70% harvested, same as average. Early Plains wheat drilling is under way with moisture OK for now with 2% planted, same as average. The dollar is fading a bit with MATIF action extending early week gains as well. On the KC December chart support is the 20-day moving average at $5.58, with the Upper Bollinger Band at $5.79 as the next round up as further resistance, which we are just above at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.