DTN Midday Grain Comments 09/13 10:53

DTN Midday Grain Comments 09/13 10:53 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 2 to 3 cents lower; wheat futures are 7 to 13 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 2 to 3 cents lower; wheat futures are 7 to 13 cents higher. The U.S. stock market is firmer at midday with the S&P 30 points higher. The U.S. Dollar Index is 37 points lower. The interest rate products are flat. Energy trade has crude .70 higher and natural gas unchanged. Livestock trade is lightly mixed. Precious metals are firmer with gold up 25.00. CORN: Corn futures are 3 to 4 cents higher at midday with trade pushing back toward the top of the range with firmer spread action and trade just a bit off the highs with positive spillover from wheat. On the report, yield came in at 183.6 bushels per acre (bpa) versus 183.1 bpa last month, but carryout eased to 2.057 billion bushels (bb) from 2.073 bb on better demand with world stocks edging lower. 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 expected to slow the early harvest pace next week. Basis action will likely continue to fade into midmonth as more bushels become available. 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 $4.16. SOYBEANS: Soybean futures are 2 to 3 cents lower with early gains fading as product values slip and harvest pressure expands going into the weekend. Meal is 2.00 to 3.00 lower and oil is 5 to 15 points lower. On the report, yield was unchanged at 53.2 bpa with carryout falling 10 million bushels (mb) to 550 mb with stocks slightly higher. Warmer weather should continue to push maturity in much of the belt with early harvest likely to ramp up into the weekend, before moisture expected next week in the north and west. Better rains have entered the second week forecast for part of Brazil, but overall the drier trend remains in play. The daily export wire saw 100,000 metric tons (mt) sold to China. Basis will see more pressure in the short term with exports still a couple of weeks from hitting full stride. The November chart support is at the 20-day moving average at $9.93, with the Upper Bollinger Band at $10.33 as the next level of resistance. WHEAT: Wheat futures are 7 to 13 cents higher with KC trade pushing back to the $6.00 area on the front month before fading a bit with cargo attacks in the Black Sea area helping us test and consolidate the upper end of the range. On the report, carryout was unchanged at 828 mb with world stocks edging slightly higher. Northern Hemisphere harvest should continue to wind down. Early Plains wheat drilling is under way with some wetter conditions expected into midmonth to potentially support emergence. The U.S. Dollar has faded back to the low end of the range, with MATIF scoring a fresh high as well before easing a bit. On the KC December chart, support is the 20-day moving average at $5.66, with the Upper Bollinger Band at $6.04 as the next level of resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.