DTN Midday Grain Comments 09/27 10:54

DTN Midday Grain Comments 09/27 10:54 Corn, Soybean Futures Higher at Midday; Wheat Lower Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 13 to 15 cents higher; wheat futures are 3 to 4 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 13 to 15 cents higher; wheat futures are 3 to 4 cents lower. The U.S. stock market is firmer at midday with the S&P 6 points higher. The U.S. Dollar Index is 6 points lower. The interest rate products are firmer. Energy trade has crude .20 higher and natural gas is .15 higher. Livestock trade is mostly higher. Precious metals are weaker with gold off 18.00. CORN: Corn futures are 3 to 4 cents higher at midday with trade firming back from early weakness to work just below the recent highs with good spread action into another harvest weekend. Ethanol margins look to hold the lower end of the recent range into the weekend with unleaded unable to sustain gains to boost blenders while corn holds the upper end of the range. Weather looks to return to warm and dry for most to keep harvest moving along quickly into early October. Basis action continues to hold sideways despite harvest progress. On the December chart, the 20-day moving average at $4.09 is support, which we bounced from to start the session, with the next round up at the Upper Bollinger Band at $4.18. SOYBEANS: Soybean futures are 13 to 15 cents higher at midday with meal surging higher to lead the product complex with trade still short of the highs of the week. Meal is 9.50 to 10.50 higher and oil is 35 to 45 points lower. Warm and dry weather should push harvest pace into late week with warmer and drier weather to continue into early October. 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 with improvement expected the second week of the month. The daily export wire saw 20,000 metric tons (mt) of soy oil sold to South Korea. Basis has held sideways so far though early pressure. The November chart support is at the 20-day moving average at $10.18, with the fresh high at $10.64 3/4 as resistance. WHEAT: Wheat futures are 3 to 4 cents lower at midday with trade fading back into support areas again with soft spread action and little fresh news to drive buying. Early Plains wheat drilling is under way with drier conditions in the short term and rains needed to boost emergence with warmer than normal temps to go with the dryness into early October. The dollar is testing the lower end of range, with MATIF wheat easing lower. On the KC December chart, support is the 20-day moving average at $5.79 that we are testing at midday, with the Lower Bollinger Band at $5.61 the next level down. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.