DTN Midday Grain Comments 09/11 12:04

DTN Midday Grain Comments 09/11 12:04 Soybean, Wheat Futures Higher at Midday; Corn Lower Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 2 to 4 cents higher; wheat futures are 2 to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 2 to 4 cents higher; wheat futures are 2 to 4 cents higher. The U.S. stock market is weaker at midday with the S&P 60 points lower. The U.S. Dollar Index is 6 points higher. The interest rate products are firmer. Energy trade has crude .80 higher and natural gas .08 higher. Livestock trade is lightly mixed. Precious metals are mixed with gold off 10.00. CORN: Corn futures are 1 to 2 cents lower at midday with two-sided action as we head toward the WASDE report Thursday. On the report, traders are looking for yield at 182.5 bushels per acre (bpa) versus 183.1 bpa last time. Domestic carryout is expected at 2.012 billion bushels (bb) versus 2.073 bb last month. The weekly ethanol report showed production rising by 19,000 barrels per day (bpd) and stocks were up 360,000 barrels with fall maintenance slow to start. Weather looks to mostly keep maturity moving forward ahead of wetter weather toward the end of the second week for much of the belt. Basis action will likely continue to fade into midmonth with nearby demand absorbing some of the early bushels ahead of broader harvest expansion. Weekly export sales are expected to be in the 500,000 to 750,000 metric ton (mt) range. On the December chart, the 20-day moving average at $3.99 is support with the next round up at the Upper Bollinger Band at $4.14. SOYBEANS: Soybean futures are 2 to 4 cents higher at midday with light buying returning after the Tuesday pullback with meal leading products as we head toward the report. Meal is 1.50 to 2.50 higher and oil is 35 to 45 points lower. On the report, traders are looking for yields at 53.3 bpa versus 53.2 bpa last month and carryout at 561 mb versus 560 mb last month. Warmer weather should continue to push maturity in much of the belt into midmonth with early harvest likely to ramp up quickly into the second half of the month, depending on rains next week. Weekly export sales are expected to be in the 1.0 million metric ton (mmt) to 1.25 mmt range. Basis should continue to see pressure, but recent export sales should add a bit of support to exporting areas. The November chart support is at the 20-day moving average at $9.89, with the Upper Bollinger Band at $10.28 as the next level of resistance. WHEAT: Wheat futures are 2 to 4 cents higher with trade working to extend the Tuesday rebound and challenge the upper end of the recent range as we head toward the report with other fresh news limited. On the report, traders are looking for carryout at 820 mb versus 828 mb last month. Northern Hemisphere harvest should continue to wind down. Early Plains wheat drilling is underway with some wetter conditions expected into midmonth to potentially support emergence. The dollar is holding back near the upper end of the recent range, with MATIF trading just short of the recent highs 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 $5.61, with the Upper Bollinger Band at $5.96 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.