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

    

    




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