DTN Midday Grain Comments     09/27 10:54

   Corn, Soybean Futures Higher at Midday; Wheat Lower

   Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 
13 to 15 cents higher; wheat futures are 3 to 4 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 
13 to 15 cents higher; wheat futures are 3 to 4 cents lower. The U.S. stock 
market is firmer at midday with the S&P 6 points higher. The U.S. Dollar Index 
is 6 points lower. The interest rate products are firmer. Energy trade has 
crude .20 higher and natural gas is .15 higher. Livestock trade is mostly 
higher. Precious metals are weaker with gold off 18.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with trade firming back from 
early weakness to work just below the recent highs with good spread action into 
another harvest weekend. Ethanol margins look to hold the lower end of the 
recent range into the weekend with unleaded unable to sustain gains to boost 
blenders while corn holds the upper end of the range. Weather looks to return 
to warm and dry for most to keep harvest moving along quickly into early 
October. Basis action continues to hold sideways despite harvest progress. On 
the December chart, the 20-day moving average at $4.09 is support, which we 
bounced from to start the session, with the next round up at the Upper 
Bollinger Band at $4.18.

SOYBEANS:

   Soybean futures are 13 to 15 cents higher at midday with meal surging higher 
to lead the product complex with trade still short of the highs of the week. 
Meal is 9.50 to 10.50 higher and oil is 35 to 45 points lower. Warm and dry 
weather should push harvest pace into late week with warmer and drier weather 
to continue into early October. 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 with improvement expected the second week 
of the month. The daily export wire saw 20,000 metric tons (mt) of soy oil sold 
to South Korea. Basis has held sideways so far though early pressure. The 
November chart support is at the 20-day moving average at $10.18, with the 
fresh high at $10.64 3/4 as resistance.

WHEAT:

   Wheat futures are 3 to 4 cents lower at midday with trade fading back into 
support areas again with soft spread action and little fresh news to drive 
buying. Early Plains wheat drilling is under way with drier conditions in the 
short term and rains needed to boost emergence with warmer than normal temps to 
go with the dryness into early October. The dollar is testing the lower end of 
range, with MATIF wheat easing lower. On the KC December chart, support is the 
20-day moving average at $5.79 that we are testing at midday, with the Lower 
Bollinger Band at $5.61 the next level down.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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