DTN Midday Grain Comments 09/30 10:53

DTN Midday Grain Comments 09/30 10:53 Wheat Futures Higher at Midday; Soybeans Lower; Corn Flat-Higher Corn futures are flat to a penny higher at midday Monday; soybean futures are 2 to 3 cents lower; wheat futures are 4 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny higher at midday Monday; soybean futures are 2 to 3 cents lower; wheat futures are 4 to 7 cents higher. The U.S. stock market is mixed at midday with the S&P 3 points lower. The U.S. Dollar Index is 17 points higher. The interest rate products are weaker. Energy trade has crude .80 higher and natural gas is .03 higher. Livestock trade is mostly higher. Precious metals are weaker with gold off 12.00. CORN: Corn futures are flat to a penny higher at midday with the upper end of the range holding ahead of the quarterly grain stocks report with harvest continuing to expand. On the report, trade is looking for corn stocks at 1.844 billion bushels (bb) versus 1.36 bb last year. Ethanol margins look to remain rangebound in the short term with unleaded values limiting blender upside. Weather looks to return to warm and dry for most to keep harvest moving along quickly into early October. The weekly crop progress report will likely show harvest remaining just ahead of the 5-year average with steady conditions. Basis action should see more pressure as bushels accumulate. Weekly export inspections were solid at 1.140 million metric tons (mmt). On the December chart, the 20-day moving average $4.10 is support, with the next round up at the Upper Bollinger Band at $4.19, which we are just below overnight. SOYBEANS: Soybean futures are 2 to 3 cents lower at midday with trade bouncing back from the initial heavier early selling as South American weather is expected to improve into the second week of October and harvest pushes forward in the short term. Meal is flat to 1.00 lower and oil is 40 to 50 points higher. On the report, trade is looking for stocks at 351 million bushels (mb) versus 264 mb a year ago. Warm and dry weather should push harvest pace. The weekly crop progress report is expected to show solidly above average harvest pace and steady conditions. South America will continue to look for rains in the second week of the forecast to expand planting. The daily export wire saw 116,000 metric tons (mt) sold to China. Weekly export inspections are picking up a little more at 675,749 mt. Basis should has held sideways so far though early pressure. The November chart support is at the 20-day moving average at $10.22, with the fresh high at $10.69 1/4 as resistance. WHEAT: Wheat futures are 4 to 7 cents higher at midday with rangebound action continuing toward the report with little fresh news to drive action so far. Warm and dry weather will likely slow Plains planting pace a bit with near average planting and emergence expected on the weekly report. On the stocks report, trade is looking for 1.973 bb versus 1.79 bb last year with all production at 1.966 bb versus 1.812 bb last year. The dollar remains near the lows with MATIF wheat up slightly. Weekly export inspections continue to be solid at 536,929 mt. On the KC December chart, support is the 20-day moving average at $5.80 that we are just above at midday, with the Lower Bollinger Band at $5.63 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.