DTN Midday Grain Comments 09/09 11:05

DTN Midday Grain Comments 09/09 11:05 Soybean Futures Higher at Midday; Wheat Lower; Corn Mixed Corn futures are narrowly mixed at midday Monday; soybean futures are 13 to 14 cents higher; wheat futures are 2 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Monday; soybean futures are 13 to 14 cents higher; wheat futures are 2 to 9 cents lower. The U.S. stock market is firmer at midday with the S&P 45 points higher. The U.S. Dollar Index is 40 points higher. The interest rate products are mixed. Energy trade has crude .30 higher and natural gas .10 lower. Livestock trade is mixed with volatile trade so far. Precious metals are mixed with gold down 1.00. CORN: Corn futures are narrowly mixed in quiet trade to start the week with trade looking to see early harvest progress and nearby demand as we head to the report Thursday with better outside market spillover so far. Ethanol margins should drift sideways with unleaded working to form a short-term low to stabilize blender margins along with incoming harvest bushels. Weather looks to mostly keep maturity moving forward with warmer weather to push early harvest. Weekly crop progress is expected to show steady to slightly lower conditions and maturity remaining ahead of the 5-year average. Basis action will likely continue to fade into midmonth with nearby demand absorbing some of the early bushels with nearby supplies sufficient. Weekly export inspections were rangebound at 836,413 metric tons (mt). On the December chart, the 20-day moving average at $3.99 is now support with the next round up at the Upper Bollinger Band at $4.12, which we tested and faded from last week. SOYBEANS: Soybean futures are 13 to 14 cents higher at midday with broad product strength to start the week. Trade is looking for further near-term demand heading into harvest along with watching how the crop finishes. Meal is 3.00 to 4.00 higher with oil 45 to 55 points higher. Warmer weather should continue to push maturity in much of the belt into midmonth with early harvest likely to ramp up quickly. Weekly crop progress is expected to show steady to slightly lower conditions with maturity running ahead of the 5-year average. The daily export wire saw 132,000 mt sold to China. Weekly export inspections were rangebound at 354,166 mt. 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 $10.25 as the next level of resistance, which we tested and faded from Friday. WHEAT: Wheat futures are 2 to 9 cents lower with trade fading a little further off the upper end of the range with fresh bullish news more limited for now. Northern Hemisphere harvest should be nearly wrapped up with the weekly report likely close to 90% for U.S. spring wheat cut. Early Plains wheat drilling is underway with warmer drier conditions expected into midmonth. Weekly planting progress is likely to be near the 5-year average. The dollar is rebounding solidly off the lows, with MATIF action just off the high end of the range. Weekly export inspections remained pretty strong at 586,687 mt. On the KC December chart, support is the 20-day moving average at $5.61, with the Upper Bollinger Band at $5.91 as the next level of resistance, which we pulled back from on Friday. David Fiala can be reached at [email protected] 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.