DTN Midday Grain Comments 09/19 10:59

DTN Midday Grain Comments 09/19 10:59 Corn, Soybeans, Wheat Lower at Midday Corn futures are 5 to 6 cents lower; soybean futures are 1 to 2 cents lower and wheat futures are 9 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents lower; soybean futures are 1 to 2 cents lower and wheat futures are 9 to 11 cents lower. The U.S. stock market is firmer at midday with the S&P 95 points higher. The dollar index is 20 points higher. The interest rate products are weaker. Energy trade has crude 1.15 higher and natural gas is unchanged. Livestock trade is mostly higher with cattle leading. Precious metals are firmer with gold up 10.50. CORN: Corn futures are 5 to 6 cents lower at midday with trade softening over the course of the day session with harvest pressure building and little fresh bullish news to induce buyers. Ethanol margins should find support from corn pulling back while unleaded moves further off the lows. Weather looks to mostly keep maturity moving forward ahead of weekend rains that are likely to idle harvest in the western belt for a bit. Basis action will likely continue to drift lower. The daily export wire was quiet today with weekly sales decent at 847,400 metric tons. On the December chart, the 20-day at 4.03 is supported with the next round up at the Upper Bollinger Band at $4.20. SOYBEANS: Soybeans futures are 1 to 2 cents lower at midday with two-sided action during the day session with product action helping to pull action back from early overnight weakness as we stay in the middle of the range. Meal is 1.00 to 2.00 higher and oil is 55 to 65 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 this weekend in the north and west. Better rains will be needed in Brazil to get early planting underway with the immediate forecast remaining on the dry side and some moisture in the extended forecast. The daily wire was quiet again with weekly sales strong with 1.75 million metric tons of soybeans for this crop year, 8,400 for new with -2,900 metric tons of old crop meal, 283,000 for this year, and 46,700 of old crop oil for a marketing year high along with 300 for new crop. Basis should continue to drift lower with early harvest bushels inbound. The November chart support is at the 20-day moving average at $10.00, with the Upper Bollinger Band at 10.33 as the next level of resistance. WHEAT: Wheat futures are 9 to 11 cents lower at midday with trade drifting back to nearby support levels as fresh buying interest has eased with little fresh news to drive trade along with rains expected for the plains. Northern Hemisphere harvest should continue to wind down into the end of the week. Early plains wheat drilling is under way with some wetter conditions expected later this week which should boost early emergence into the end of the month. Black Sea news has remained quieter this week. The dollar scored fresh lows after the Fed decision before rebounding a bit, with MATIF wheat fading lower as well. Weekly export sales disappointed at 246,300 metric tons old crop, and 11,500 of new. On the KC December Chart support is the 20-day at $5.71 which we are testing at midday, with the Upper Bollinger Band at $6.08 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.