DTN Midday Grain Comments 09/24 10:51

DTN Midday Grain Comments 09/24 10:51 Soybean Futures Higher at Midday; Wheat Lower; Corn Flat-Lower Corn futures are flat to 1 cent lower at midday Tuesday; soybean futures are 5 to 6 cents higher; wheat trade is 4 to 5 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent lower at midday Tuesday; soybean futures are 5 to 6 cents higher; wheat trade is 4 to 5 cents lower. The U.S. stock market is firmer at midday with the S&P 5 points higher. The U.S. Dollar Index is 25 points lower. The interest rate products are weaker. Energy trade has crude .90 higher and natural gas is flat. Livestock trade is firmer. Precious metals are firmer with gold up 17.00. CORN: Corn futures are flat to a penny lower at midday with early gains fading after touching a new high for the move with spreads easing a bit. Ethanol margins should remain at the lower end of the recent range if corn strength holds in the short term. Weather looks to return to warm and dry for most to keep harvest moving after weekend rains for some. Weekly crop progress showed 92% dented versus 91% on average; 61% mature versus 55% on average; 14% harvested versus 11% on average; 65% good to excellent; 12% poor to very poor, unchanged on the week. Basis action will likely continue to drift lower as bushels roll in. On the December chart, the 20-day moving average at 4.06 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 5 to 6 cents higher at midday with fresh highs scored early in the day session before gains eased with meal turning lower while oil holds gains with trade getting overbought as harvest expands. Meal is 1.00 to 2.00 lower, and oil is 100 to 110 points higher. Warm and dry weather should push harvest pace after the weekend rains in some areas. Weekly crop progress showed 65% mature versus 57% on average; 13% harvested versus 8% on average; 64% good to excellent; and 11% poor to very poor, unchanged on the week. South America saw rains pushed back to the end of the forecast again with planting delays at the forefront for now. Basis should continue to drift lower with early harvest bushels in bound. The November chart support is at the 20-day moving average at $10.09, with the fresh high at $10.58 as resistance. WHEAT: Wheat trade is 4 to 5 cents lower with early gains fading as well with trade fading back to nearby support levels as we continue to consolidate the range. Early Plains wheat drilling is underway with drier conditions expected into the end of the month with 25% planted versus 24% on average; 4% emerged versus 5% on average. The dollar continues to hold above the lows but still in the lower end of the recent range, with MATIF wheat turning lower Tuesday morning. On the KC December chart, support is the 20-day moving average at $5.74, which we are testing at midday, with the Upper Bollinger Band at $6.02 the next 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.