DTN Midday Grain Comments 09/25 10:58

DTN Midday Grain Comments 09/25 10:58 Soybean, Wheat Futures Higher at Midday; Corn Narrowly Mixed Corn futures are narrowly mixed at midday Wednesday; soybean futures are 1 to 2 cents higher; wheat futures are 2 to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Wednesday; soybean futures are 1 to 2 cents higher; wheat futures are 2 to 4 cents higher. The U.S. stock market is mixed at midday with the S&P 3 points lower. The U.S. Dollar Index is 25 points higher. The interest rate products are weaker. Energy trade has crude .60 lower and natural gas is .06 higher. Livestock trade is mixed. Precious metals are mixed with gold up 5.00. CORN: Corn futures are narrowly mixed at midday in quiet trade with rangebound action continuing and trade firming back a little from the overnight lows. The weekly ethanol report showed production off by 56,000 barrels per day (bpd) with stocks falling by 300,000 barrels with change to near-term margins. Weather looks to return to warm and dry for most to keep harvest moving along quickly into the end of the month. Basis action will likely continue to drift lower as bushels roll in. The daily export wire saw 180,000 metric tons (mt) sold to Mexico. Weekly export sales are expected to be in the 700,000 to 950,000 mt range Thursday. On the December chart, the 20-day moving average at $4.07 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 1 to 2 cents higher with oil helping to lead trade back from the overnight weakness as harvest continues to expand. Meal is 1.00 to 2.00 lower and oil is 65 to 75 points higher. Warm and dry weather should push harvest pace into late week with warmer and drier weather returning for most. South America will continue to look for rains in the extended forecast to kick off the broader part of planting season. Weekly export sales expected to be in the 1.0 million metric tons (mmt) to 1.25 mmt range. Basis should continue to drift lower with early harvest bushels in bound. The November chart support is at the 20-day moving average at $10.11, with the fresh high at $10.58 as resistance. WHEAT: Wheat futures are 2 to 4 cents higher with trade continuing to consolidate the lower end of the recent range with little other fresh news to drive trade. Early Plains wheat drilling is under way with drier conditions in the short term with rains needed to boost emergence. The dollar continues to hold above the lows but still in the lower end of the recent range, with MATIF wheat edging higher as well. Weekly export sales are expected to be in the 300,000 to 500,000 mt range. On the KC December chart, resistance is the 20-day moving average at $5.77 that we are testing at midday, with the Lower Bollinger Band at $5.55 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.