DTN Midday Grain Comments 09/06 10:51

DTN Midday Grain Comments 09/06 10:51 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 13 to 15 cents lower; wheat futures are 3 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 13 to 15 cents lower; wheat futures are 3 to 8 cents lower. The U.S. stock market is weaker at midday with the S&P 77 points lower. The U.S. Dollar Index is 10 points lower. The interest rate products are firmer. Energy trade has crude 1.05 lower and natural gas unchanged. Livestock trade is weaker. Precious metals are mixed with gold up 2.00. CORN: Corn futures are 1 to 2 cents lower at midday with trade fading from a fresh high with flat spread action as negative outside markets help drag ag contracts lower from early strength headed towards the weekend. Ethanol margins are seeing pressure from fresh lows in unleaded Friday morning, narrowing blender margins. Weather looks to mostly keep maturity moving forward with warmer weather returning next week to expand harvest. Basis action will likely continue to fade into midmonth with nearby demand absorbing some of the early bushels and ready supplies should remain ample. Weekly export sales were solid as the marketing year wrapped up with -173,100 metric tons (mt) for old and 1.82 million metric tons (mmt) on new crop. 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 $4.14, which we tested and faded from. SOYBEANS: Soybean futures are 13 to 15 cents lower at midday with trade fading from a fresh high on long profit-taking ahead of harvest, and mixed product action along with the negative spillover from outside markets. Meal is 1.00 to 2.00 higher and oil is 135 to 145 points lower. 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. Weekly export sales were solid with -228,000 mt of old crop and 1.66 mmt of new with meal at 40,900 mt of old and 434,700 mt of new, 1,900 of old oil, and 3,300 of new. 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 at $9.86, with the Upper Bollinger Band at $10.27 as the next level of resistance, which we tested and faded from Friday morning. WHEAT: Wheat futures are 3 to 8 cents lower with trade fading back off the upper end of the range with steady to firm spread action as we look to consolidate the upper end of the range. Northern Hemisphere harvest should be close to effectively wrapped up soon. Early Plains wheat drilling is under way with warmer drier conditions expected into midmonth. The dollar is fading a bit with MATIF action holding the top of the recent range as well. Weekly export sales were at the lower end of the recent range at 340,000 mt of old crop and -10,500 mt for new. On the KC December chart, support is the 20-day moving average at $5.61, with the Upper Bollinger Band at $5.92 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.