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DTN Midday Grain Comments 09/22 10:55
Corn Mixed, Beans and Wheat Higher
Corn trade is narrowly mixed; beans are 3 cents to 4 cents higher and wheat
trade is 2 cents to 5 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
The U.S. stock market is firmer with the S&P up 25. The dollar index is 10
points higher. Interest rate products are firmer. Energies are mixed with crude
.50 higher and natural gas narrowly mixed. Livestock trade is mixed with cattle
leading. Precious metals are firmer with gold 8.00 higher.
CORN:
Corn trade is narrowly mixed at midday with trade staying in the middle of
the range after the pullback Thursday with harvest progress to slow from
near-term rains into the weekend. Ethanol margins should remain stable in the
near-term with signs of driving demand rebounding short-term. The daily wire
was quiet to end the week. Basis could find some short-term strength ahead of
the expected slowdown for weekend rains. On the December chart, the 20-day at
$4.81 3/4 remains as resistance, with the fresh low at $4.67 3/4 as support.
SOYBEANS:
Soybean trade is 3 cents to 4 cents higher at midday with light buying after
the Thursday washout with trade working to regain footing around $13 on the
November contract with harvest progress likely to slow into the weekend and oil
leading the product complex. Meal is 2.00 to 3.00 lower and oil is 140 to 150
points higher. The daily wire was quiet to end the week. Basis will likely stay
flat as harvest slows a bit with more than one system needed to boost flows in
the Mississippi River system. South American weather is keeping rains to
Southern Brazil and Northern Argentina so far with planting to expand into the
end of the month with better rains to the north next week. November chart
support is the fresh low at $12.92 1/2, with resistance at the 20-day at $13.58.
WHEAT:
support at the lows again after washing out with row crops yesterday along
with little other fresh news to drive trade to the weekend. Matif wheat is flat
to slightly lower at midday with the dollar holding near the highs. Plains
planting progress should be boosted by potential moisture in the extended
forecast with Australia and the Black Sea areas warmer and drier short term.
The first ships have sailed out of Ukraine ports again with trade watching to
see how traffic picks up. On the KC December Chart, the 20-day at $7.38 is
resistance with support of the lower Bollinger Band at $7.12, which is just
above the fresh low at $7.07.
David Fiala can be reached at dfiala@futuresone.com
Follow him on X, formerly Twitter, @davidfiala
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