DTN Midday Grain Comments     09/21 10:51

   Corn, Soybeans and Wheat Futures Higher

   Corn futures are 13 to 14 cents higher at midday, soybeans are 18 to 19 
cents higher, and wheat futures are 7 to 12 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S&P 80 points higher. The 
dollar index is 19 points higher. The interest rate products are firmer. Energy 
trade is sharply lower with crude 3.66 lower and natural gas .07 cents lower. 
Livestock trade is firmer with cattle leading. Precious metals are weaker with 
gold off 33.00.

CORN:

   Corn futures are 13 to 14 higher at midday to start the week with trade 
pushing through nearby resistance again as we work back into the upper end of 
the range. Ethanol margins remain strong even with the transition to fall 
unleaded blends likely to limit upside a bit from here.

   The daily export wire was quiet to close the week with weekly export 
inspections stronger at 1.939 million metric tons with YTD pace at 116%.

   Weather looks ease the recent rainy conditions but some look to return later 
in the week with weekly crop progress likely to show steady conditions, above 
average maturity, and average harvest progress.

   Basis will likely continue to drift short term. On the December chart the 
20-day at $5.31 is resistance which we popped back through this morning with 
the lower Bollinger Band at $5.15 as support.

SOYBEANS:

   Soybeans are 18 to 19 cents higher at midday with meal leading the product 
side as we work to erase the late week slide ahead of the talks with China this 
week. Meal is 9.50 to 10.50 higher and oil is 40 to 50 points higher.

   Harvest should pick up in the drier areas with rains to keep in slow in some 
area with weekly crop progress likely to show steady conditions and slightly 
above average and maturity to linger.

   The daily export wire was quiet with weekly export inspections improving to 
759,193 metric tons with YTD pace at 102%. Basis will start to drift lower if 
harvest can expand next week.

   On the November contract chart support is the 20-day at 12.94 where we find 
the 20-day moving average with resistance the recent high at 13.35.

WHEAT:

   Wheat futures are 7 to 12 cents higher at midday to start the week with 
action continuing to chop along the lower end of the range with support from 
the row crop and little other fresh news as we remain below nearby resistance. 
Better rains into late month should help support early wheat drilling on the 
plains with early emergence starting in some areas with planting pace and 
emergence likely near the 5-year average.

   Matif wheat is lightly higher to start the week. Weekly export inspections 
remain soft at 335,253 metric tons with YTD pace at 68%. On the KC December 
chart resistance is the 20-day at $8.07 which we closed just below with the 
lower Bollinger Band at 7.62 as support.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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