DTN Midday Grain Comments 09/16 10:46

DTN Midday Grain Comments 09/16 10:46 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn trade is 3 to 4 cents lower; beans are 1 to 2 cents lower; wheat trade is 18 to 20 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 3 to 4 cents lower; beans are 1 to 2 cents lower and wheat trade is 18 to 20 cents lower. The U.S. stock market is mixed at midday with the S & P 10 points lower. The dollar index is 37 points lower. Energy trade has crude 1.00 higher and natural gas up 0.02. Livestock trade is lightly mixed. Precious metals are mixed with gold down 5.00. CORN: Corn is 3 to 4 cents lower at midday, continuing to hold the upper end of the range with further harvest progress adding pressure to the cash market short term along with negative spillover from wheat. Ethanol margins are getting some support with unleaded continuing to firm off the lower end of the range with cheaper winter blends coming into full effect for blenders. Weather looks to mostly keep maturity moving forward ahead of wetter weather expected to slow harvest progress late in the week, with the weekly report likely to show harvest and maturity remaining ahead of average with steady conditions. Basis action will likely continue to fade into mid-month as more bushels become available. The daily export wire was quiet to start the week with weekly export inspections fading a bit to 521,118 metric tons. On the December chart the 20-day at 4.01 is support with the next round up at the Upper Bollinger Band at $4.17. SOYBEANS: Soybeans are 1 to 2 cents lower at midday with two-sided action as harvest pressure should pick up along with inconsistent product action. Meal is flat to 1.00 higher and oil is 10 to 20 points higher. Warmer weather should continue to push maturity in much of the belt with early harvest likely to make good progress, before moisture expected late week in the north and west. Weekly crop progress is expected to show steady conditions and above average maturity with harvest just ahead of average. Better rains have entered the second week forecast for part of Brazil but overall, the drier trend remains in play. The daily wire saw 132,000 metric tons sold to unknown destinations with weekly export inspections rangebound at 401,287 metric tons. Basis will see more pressure short term with exports still a couple of weeks from hitting full stride to offset harvest pressure. The November chart support is at the 20-day moving average at $9.95, with the Upper Bollinger Band at 10.30 as the next level of resistance. WHEAT: Wheat trade is 18 to 20 cents lower at midday with selling as we pull back off the upper end of the range with world prices cooling a bit after the Friday surge with calmer Black Sea events this week, and with better rains expected on the U.S. Plains. Northern Hemisphere harvest should continue to wind down with U.S. spring wheat on the very tail end. Early Plains wheat drilling is under way with some wetter conditions expected later this week for many with planting progress expected to be just above average. The dollar has faded back to the low end of the range ahead of the Fed meeting, with MATIF pulling back from fresh highs for the move as well. Weekly export inspections remain strong seasonally at 556,901 metric tons. On the KC December Chart support is the 20-day at $5.68, with the Upper Bollinger Band at $6.07 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.