DTN Midday Grain Comments 09/10 10:52

DTN Midday Grain Comments 09/10 10:52 Corn, Soybean Futures Lower at Midday; Wheat Higher Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 18 to 20 cents lower; wheat futures are 4 to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 18 to 20 cents lower; wheat futures are 4 to 5 cents higher. The U.S. stock market is mixed at midday with the S&P 10 points higher. The U.S. Dollar Index is 15 points higher. The interest rate products are firmer. Energy trade has crude 2.60 lower and natural gas .04 higher. Livestock trade is firmer with feeders leading. Precious metals are mixed with gold up 8.00. CORN: Corn futures are 2 to 3 cents lower at midday with rangebound action continuing as we head toward the WASDE report on Thursday with little other fresh news and mixed spillover from wheat and soybeans. Ethanol margins continue to see the blender side limited by sliding unleaded values while harvest bushels should boost the production side into fall. Weather looks to mostly keep maturity moving forward with warmer weather to push early harvest. Weekly crop progress showed the good-to-excellent rating down 1% to 64% and 12% poor to very poor with 74% dented versus 73% on average, and 29% mature versus 24% on average, and 5% harvested versus 3% on average. Basis action will likely continue to fade into midmonth with nearby demand absorbing some of the early bushels with nearby supplies sufficient. 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 $4.13. SOYBEANS: Soybean futures are 18 to 20 cents lower at midday with trade fading from the top of the range with product weakness, harvest pressure and near-term weather improvement in Brazil. Meal is 6.50 to 7.50 lower and oil is 35 to 45 points lower. 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 showed good-to-excellent ratings unchanged at 65% with 10% poor to very poor with 25% dropping leaves versus 21% on average. 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 $9.87, with the Upper Bollinger Band at $10.28 as the next level of resistance. WHEAT: Wheat futures are 4 to 5 cents higher with KC action leading so far with light buying after holding support Monday with mixed spread action as we work just below the recent highs. Northern Hemisphere harvest should be close to effectively wrapped up with the weekly crop progress report showing U.S. 85% harvested versus 83% on average. Early Plains wheat drilling is underway with some wetter conditions expected into midmonth. Weekly planting progress was 6%, same as average. The dollar rally is slowing, with MATIF action back to the recent highs. 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. 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.