DTN Midday Grain Comments 09/17 10:53

DTN Midday Grain Comments 09/17 10:53 Corn Steady to Lower at Midday; Soybeans and Wheat Higher Corn trade is flat to 1 cent lower; beans are 2 to 3 cents higher; wheat trade is 5 cents lower to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is flat to 1 cent lower; beans are 2 to 3 cents higher; wheat trade is 5 cents lower to 3 cents higher. The U.S. stock market is firmer at midday with the S & P 25 points higher. The dollar index is 17 points higher. The interest rate products are weaker. Energy trade has crude 1.10 higher and natural gas is flat. Livestock trade is firmer with cattle higher. Precious metals are mixed with gold down 11.00. CORN: Corn is flat to 1 cent lower with light two-sided action so far Tuesday with little fresh news to drive action with harvest expansions to continue into the second half of the week. Ethanol margins are getting some support with unleaded holding off the recent lows with harvest basis weakness likely to support plants a bit but rangebound action continues overall. 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 showing 85% dented vs. 84% on average, with 45% mature vs. 38% on average, and 9% harvested vs. 6% on average with 65% good to excellent, up 1%, and 12% poor to very poor. Basis action will likely continue to fade into mid-month as more bushels become available. The daily export wire was quiet Tuesday. On the December chart the 20-day at 4.02 is support with the next round up at the Upper Bollinger Band at $4.18. SOYBEANS: Soybeans are 2 to 3 cents higher at midday with range bound action continuing with oil leading the product complex after the tighter stocks on the crush report. Meal is 2.00 to 3.00 lower and oil is 75 to 85 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 showing 44% dropping leaves vs. 37% on average with 6% harvest vs. 3% on average with good to excellent down 1% to 64% good to excellent with 11% poor to very poor. Better rains will be needed in Brazil to get early planting underway with the immediate forecast remaining on the dry side. The daily wire was quiet after the recent sales. 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 $9.96, with the Upper Bollinger Band at 10.30 as the next level of resistance. WHEAT: Wheat trade is 5 cents lower to 3 cents higher at midday with spring wheat leading as trade eases from overnight strength with little fresh news to drive buyers. Northern Hemisphere harvest should continue to wind down with U.S. spring wheat wrapped up on the weekly report. Early plains wheat drilling is under way with some wetter conditions expected later this week for many with planting progress at 14% vs. 13% on average. Black sea news has been quieter the last few days. The dollar has faded back to the low end of the range ahead of the Fed meeting, with MATIF turning lower after recent strength. On the KC December Chart support is the 20-day at $5.69, 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.