DTN Midday Grain Comments 09/05 10:57

DTN Midday Grain Comments 09/05 10:57 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 3 to 4 cents lower at midday Thursday; soybean futures are 5 to 7 cents lower; wheat futures are 4 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Thursday; soybean futures are 5 to 7 cents lower; wheat futures are 4 to 11 cents lower. The U.S. stock market is weaker at midday with the S&P 32 points lower. The U.S. Dollar Index is 7 points lower. The interest rate products are firmer. Energy trade has crude .70 higher and natural gas .13 higher. Livestock trade is lower with cattle the downside leader. Precious metals are firmer with gold up 10.00. CORN: Corn futures are 3 to 4 cents lower at midday with forward momentum easing after the recent bounce with softer spread action and broad overall weakness in ag contracts. Ethanol margins are stabilizing with the weekly report showing production off by 10,000 barrels per day (bpd) and stocks down by 218,000 barrels. Weather looks to mostly keep maturity moving forward with warmer temps returning next week to push harvest forward. Basis action will likely continue to fade into midmonth with nearby demand absorbing some of the early bushels; nearby ready supplies should remain ample. Weekly export sales are expected to be the 700,000 to 950,000 metric ton (mt) range when the delayed report is released Friday. On the December chart, the 20-day moving average at $3.98 is now support with the next round up at the Upper Bollinger Band at $4.08, which we continue to hold just above. SOYBEANS: Soybean futures are 5 to 7 cents lower at midday with meal gains easing as trade pulls back from the test of upside resistance from Wednesday, along with oil bouncing off support with broad selling limiting upside Thursday. Meal is 6.00 to 7.00 lower and oil is 90 to 100 points higher. Warmer weather should continue to push maturity in much of the belt into midmonth after the weekend cool down with early harvest to start in earnest soon. The daily export wire saw sales of 189,700 mt to unknown and 126,000 mt to China. Weekly export sales are expected to be in the 1.25 million metric tons (mmt) to 1.75 mmt range Friday. Basis should continue to see pressure, but recent export sales should add a bit of support. The November chart support is at the 20-day moving average of $9.85, with the Upper Bollinger Band at $10.23 as the next level of resistance, which we faded from overnight. WHEAT: Wheat futures are 4 to 11 cents lower at midday with trade pulling back from multi-week highs overnight as it works to consolidate the recent rally with negative spillover persisting Thursday. Northern Hemisphere harvest should continue to roll forward in the short term with little to slow the homestretch. Early Plains wheat drilling is under way with warmer, drier conditions expected into midmonth. The dollar is fading a bit with MATIF action a bit lower as well. Weekly export sales are expected to be in the 300,000 to 450,000 mt range. On the KC December chart, support is the 20-day moving average at $5.60, with the Upper Bollinger Band at $5.89 as the next level of resistance, which we have pulled back from after testing overnight. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala ** If you're planning to attend Husker Harvest Days in Grand Island, Nebraska, be sure and check out the DTN building to learn more about our latest products and efforts. You'll also want to sit in on our weather and markets outlooks from Ag Meteorologist John Baranick and Lead Analyst Todd Hultman. The outlook sessions are at 10:00 a.m. CDT and 2 p.m. CDT on Sept. 10 and 11. On Sept. 12 we'll have a weather outlook at 10:00 a.m. Hultman will be covering the USDA WASDE report, which comes out at 11:00 a.m. CDT, and hosting a webinar discussion about the report at 12:30 p.m. To register for the free webinar, go to https://www.dtn.com/wasde-webinars/ (c) Copyright 2024 DTN, LLC. All rights reserved.