DTN Midday Grain Comments     09/19 10:52

   Soybean Futures Lower at Midday Friday; Corn Mixed; Wheat Flat-Lower

   Corn futures are narrowly mixed at midday Friday; soybean futures are 7 to 8 
cents lower; wheat futures are flat to 3 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Friday; soybean futures are 7 to 8 
cents lower; wheat futures are flat to 3 cents lower. The U.S. stock market is 
mixed with the S&P unchanged. The U.S. Dollar Index is 25 points higher. The 
interest rate products are weaker. Energy trade is weaker with crude off .50 
cents and natural gas off .05. Livestock trade is mixed with cattle leading. 
Precious metals are firmer with gold 30.00 higher.  

CORN:

   Corn futures are narrowly mixed in quiet midday action as we continue to 
chop along the upper end of the range with early-session strength fading. 
Ethanol margins remain strong even as we see the slower fall driving season and 
cheaper unleaded blends. The weather should allow for good early harvest 
progress with some scattered short-term rains to the west. The daily export 
wire saw 206,460 metric tons (mt) sold to unknown. On the December chart, the 
20-day moving average at $4.19 is support. Chart resistance is the $4.31 1/4 
high, then the $4.40 200-day moving average.

SOYBEANS:

   Soybean futures are 7 to 8 cents lower at midday with the early higher move 
turning to selling after we failed see constructive trade news. Meal is flat to 
1.00 lower and oil is 25 to 35 points lower. Early harvest to the east should 
ramp up quickly with the dry finish and continued open weather into next week. 
South American weather looks to present limited issues as we head toward the 
early part of the fieldwork season. On the November chart, resistance is the 
20-day moving average at $10.42, which we faded back from again, with major 
support at $10.21, our September low.

WHEAT:

   Wheat futures are flat to 3 cents lower at midday after trade set back 
Thursday as the dollar rebounded off the lows and fresh news remains limited, 
keeping buyers on the sidelines. Open weather on the Plains should help 
planting progress along with warmer temps to boost early emergence. MATIF wheat 
is working lower after light gains through midweek. On the KC December chart, 
resistance is the 20-day moving average at $5.13, which we faded through 
Thursday, with the lower Bollinger Band at $5.03 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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