DTN Midday Grain Comments 09/23 11:00

DTN Midday Grain Comments 09/23 11:00 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 9 to 10 cents higher at midday Monday; soybean futures are 21 to 23 cents higher; wheat futures are 8 to 14 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 9 to 10 cents higher at midday Monday; soybean futures are 21 to 23 cents higher; wheat futures are 8 to 14 cents higher. The U.S. stock market is firmer at midday with the S&P 19 points higher. The U.S. Dollar Index is 9 points higher. The interest rate products are weaker. Energy trade has crude .35 lower and natural gas is up .15. Livestock trade is firmer. Precious metals are mixed with gold up 8.60. CORN: Corn futures are 9 to 10 cents higher at midday with firmer spread action as trade bounces back from the test of support on Friday with broad ag strength to start the week as we get back toward the recent highs. Ethanol margins should remain within the recent range with unleaded holding support and additional harvest bushels inbound soon. Weather looks to return to warm and dry for most to keep harvest moving after weekend rains for some. Weekly crop progress is likely to keep maturity and harvest ahead of average with steady conditions. Basis action will likely continue to drift lower. Weekly export inspections were 1.103 million metric tons (mmt). On the December chart, the 20-day moving average at $4.04 is support, which we bounced from to start the session, with the next round up at the Upper Bollinger Band at $4.20. SOYBEANS: Soybean futures are 21 to 23 cents higher at midday with trade jumping to fresh highs for the move with broad product strength and South American forecast worries. Meal is 6.00 to 7.00 higher and oil is 80 to 90 points higher. Warm and dry weather should push harvest pace into late week after the weekend rains in some areas. Harvest progress and maturity should remain solidly ahead of the 5-year average along with steady conditions. South America saw rains pushed back to the end of the forecast again. The daily export wire said 165,000 metric tons (mt) were booked to unknown destinations. Weekly export inspections were 485,216 mt with full harvest shipping pace still a couple weeks off. Basis should continue to drift lower with early harvest bushels in bound. The November chart support is at the 20-day moving average at $10.05, with the Upper Bollinger Band at $10.31 as the next level of resistance which we are testing at midday. WHEAT: Wheat futures are 8 to 14 cents higher at midday with broad buying to start the week with trade looking to regain momentum after falling back to support levels last week. Early Plains wheat drilling is under way with drier conditions expected after some weekend rains on the Plains with pace expected to be near the 5-year average on the crop progress report. The dollar continues to hold above the lows but still in the lower end of the recent range, with MATIF wheat solidly higher. Weekly export inspections were strong at 711,073 mt. On the KC December chart, resistance is the 20-day moving average at $5.71 that we are back above at midday, with the Lower Bollinger Band at $5.43 the longer-term level of support. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.