DTN Midday Grain Comments 09/12 10:49

DTN Midday Grain Comments 09/12 10:49 Soybean, Wheat Futures Higher at Midday; Corn Mixed Corn futures are narrowly mixed at midday Thursday; soybean futures are 6 to 8 cents higher; wheat futures are 3 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Thursday; soybean futures are 6 to 8 cents higher; wheat futures are 3 to 7 cents higher. The U.S. stock market is mixed at midday with the S&P 7 points higher. The U.S. Dollar Index is 8 points lower. The interest rate products are weaker. Energy trade has crude 2.00 higher and natural gas .08 higher. Livestock trade is lightly mixed. Precious metals are mixed with gold off 10.00. CORN: Corn futures are narrowly mixed with early strength fading as we head toward the report as positions get squared ahead of it. On the report, traders are looking for yield at 182.5 bushels per acre (bpa) versus 183.1 bpa last month with domestic carryout at 2.012 billion bushels (bb) versus 2.073 bb last month. Ethanol margins are getting some support with unleaded continuing to firm off the lower end of the range. Weather looks to mostly keep maturity moving forward ahead of wetter weather toward the end of the second week for much of the belt with above average harvest progress likely to continue until then. Basis action will likely continue to fade into midmonth as more bushels become available. The daily export wire saw 118,626 metric tons (mt) sold to unknown Thursday. Weekly export sales were OK at 666,500 mt for new crop with 46,500 mt canceled for old crop. On the December chart, the 20-day moving average at $4.00 is support with the next round up at the Upper Bollinger Band at $4.14. SOYBEANS: Soybean futures are 6 to 8 cents higher at midday with trade staying in the recent range ahead of the report. Meal is 1.00 to 2.00 higher and oil is 65 to 75 points higher. On the report, traders are looking for yields at 53.3 bpa versus 53.2 bpa last month and carryout at 561 million bushels (mb) versus 560 mb last month. Warmer weather should continue to push maturity in much of the belt with early harvest likely to ramp up quickly into the second half of the month, depending on rains next week. Better rains have entered the second week forecast for part of Brazil. Weekly export sales were strong at 1.474 million metric tons (mmt) for new crop; 279,000 mt of new crop meal; and 1,700 of oil; with old crop at 94,600 mt of beans; -3,000 of meal; and 500 of oil. Basis should fade a bit more in the short term with the export program likely to take up some of the immediate slack. The November chart support is at the 20-day moving average of $9.90, with the Upper Bollinger Band at $10.29 as the next level of resistance. WHEAT: Wheat futures are 3 to 7 cents higher ahead of the report with trade pressing into fresh highs for the move on KC with solid spread action pre-report and action just off session highs. 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 near the upper end of the recent range, with MATIF scoring a fresh high as well. Weekly export sales showed improvement at 474,900 mt of old crop and -200 mt of new. On the KC December chart, support is the 20-day moving average at $5.65, with the Upper Bollinger Band at $6.01 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.