DTN Midday Grain Comments     09/17 10:48

   Corn, Soybean, Wheat Futures All Lower at Midday Wednesday

   Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 
4 to 5 cents lower; wheat futures are 3 to 4 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 
4 to 5 cents lower; wheat futures are 3 to 4 cents lower. The U.S. stock market 
is mixed with the S&P 10 lower. The U.S. Dollar Index is 9 points higher. The 
interest rate products are mixed. Energy trade is mixed with crude off .40 
cents and natural gas up .03. Livestock trade is weaker with cattle the 
downside leader. Precious metals are weaker with gold 4.00 lower.  

CORN:

   Corn futures are 1 to 2 cents lower in quiet midday trade as we continue to 
chop along the upper end of the range after retesting the high early. The 
weekly ethanol report showed production 50,000 barrels per day lower, with 
stocks down by 200,000 barrels on the week. The weather should allow for good 
early harvest progress around rains in the west. Weekly export sales are 
expected to be in the 700,000 to 900,000 metric ton (mt) range Thursday. On the 
December chart, the 20-day moving average at $4.17 is support. Chart resistance 
Is the $4.31 1/4 high, then the $4.40 200-day moving average.

SOYBEANS:

   Soybean futures are 4 to 5 cents lower with early session strength fading as 
oil becomes the downside leader in the product complex. Meal is flat to 1.00 
higher and oil is 110 to 120 points lower. Early harvest to the east should 
ramp up quickly with the dry finish. South American weather looks to present 
limited issues as we head toward the early part of fieldwork season. Weekly 
export sales are expected to be in the 300,000 to 500,000 mt range. On the 
November chart, support is the 20-day moving average at $10.42 with major 
support at $10.21, our September low, with the Upper Bollinger Band at $10.61 
as resistance.

WHEAT:

   Wheat futures are 3 to 4 cents lower at midday with trade working to hold 
the move through resistance scored Tuesday with KC looking for the second 
consecutive close over the 20-day moving average for the first time in two 
months as we see light selling so far. Wet weather in the Plains should fade 
this week to help planting progress along with warmer temps to boost early 
emergence. MATIF wheat is moving back off the lower end of the range 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 $5.15, which 
we moved through Tuesday, then the 50-day moving average at $5.31. Support is 
at the 10-day moving average at $5.10.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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