DTN Midday Grain Comments 09/26 10:50

DTN Midday Grain Comments 09/26 10:50 Corn, Wheat Futures Higher at Midday; Soybeans Narrowly Mixed Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are narrowly mixed; wheat futures are 1 to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are narrowly mixed; wheat futures are 1 to 4 cents higher. The U.S. stock market is firmer at midday with the S&P 11 points higher. The U.S. Dollar Index is 35 points lower. The interest rate products are weaker. Energy trade has crude 1.90 lower and natural gas is .06 lower. Livestock trade is mixed. Precious metals are firmer with gold up 5.00. CORN: Corn futures are 1 to 2 cents higher at midday with trade testing the upper end of the range early in the day session before softening a bit with spread action remaining firm. Ethanol margins are seeing a bit of pressure with corn strength and unleaded action fading again. 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 115,000 metric tons (mt) sold to Mexico on Thursday morning. Weekly export sales were a touch softer at 535,100 mt. On the December chart, the 20-day moving average at $4.08 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 narrowly mixed with trade fading back of the fresh highs scored early in the session as we start to ease overbought conditions with products turning broadly lower. Meal is 1.00 to 2.00 lower and oil is 50 to 60 points lower. 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 kickoff the broader part of planting season with the immediate weather remaining dry. Weekly export sales were strong at 1.57 million metric tons (mmt) of beans; -7,900 of old meal; 279,900 of new meal; 900 of old oil; and 3,500 of new. Basis should continue to drift lower with early harvest bushels in bound. The November chart support is at the 20-day moving average at $10.16, with the fresh high at $10.64 3/4 as resistance. WHEAT: Wheat futures are 1 to 4 cents higher at midday with trade working to extend back toward the upper end of the range after pushing back past nearby resistance with softening row-crop action helping pull trade back off the lows. Early Plains wheat drilling is under way with drier conditions in the short term with rains needed to boost emergence with warmer than normal temps to go with the dryness. The dollar continues to hold above the lows but still in the lower end of the recent range, with MATIF wheat solidly higher Thursday morning. Weekly export sales were disappointing at 158,100 mt old crop and 10,000 mt of new. On the KC December chart, support is the 20-day moving average at $5.77 that we closed back above Wednesday, with the Upper Bollinger Band at $5.99 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.