DTN Midday Grain Comments     09/15 11:21

   Corn, Soybean, Wheat Futures All Lower at Midday

   Corn futures are giving back gains from Friday, sitting 6 cents lower Monday 
near midday; soybean and wheat futures are down a penny at midday after mixed 
action.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are giving back gains from Friday, sitting 6 cents lower Monday 
near midday; soybean and wheat futures are down a penny at midday after mixed 
action. The U.S. stock market is firmer after mixed early trade; the S&P is 30 
higher. The U.S. Dollar Index is 20 points lower. The interest rate products 
are firmer. Energy trade is firmer with crude up 50 cents. Livestock trade has 
cattle back to sharply higher, with hogs seeing light gains. Precious metals 
are slightly firmer at midday and up near the all-time highs reached last week. 
 

CORN:

   Corn futures are 6 cents lower at midday with the market appearing to trade 
the supply side numbers seen on the WASDE on Friday. The fundamental net 
negative items from USDA on Friday were yield slipped to 186.7 bushels per acre 
(bpa), higher than expected, versus 188.8 bpa last month, with production 
rising to 16.814 billion bushels (bb) from 16.472 bb in August with a 
1.2-million increase in acres. Ethanol margins remain solid and should support 
corn trade on weakness the remainder of the month as we take on some harvest 
pressure. The weather should allow for a good early harvest for the rest of the 
month, with crop progress staying ahead of the 5-year average. The weekly 
export inspections were supportive at 1,511,691 metric tons. On the December 
chart, the 10-day moving average at $4.21 is nearby support, then the 20-day 
moving average at $4.15. Chart resistance is the $4.30 1/4 high printed on 
Friday, then the $4.40 200-day.

SOYBEANS:

   Soybean futures are a penny lower at midday after a narrowly mixed morning. 
Meal is down $2 and soybean oil down 5. We saw the USDA yield number at 53.5 
bpa Friday, versus 53.6 bpa last month, giving production at 4.301 bb versus 
4.292 bb last month with acres up 200,000. The carryout rose to 300 million 
bushels (mb) from 290 mb last month. The limited net changes should support 
sideways action this week in the upper part of our early September trading 
ranges. The weekly export inspections were nearly double last week at 804,352 
metric tons. On the November chart, support is the 20-day moving average at 
$10.41 with major support at $10.21, our September low; the Upper Bollinger 
Band at $10.60 resistance.

WHEAT:

   Wheat futures are a penny lower at midday after slower mixed action as we 
work to hold the Friday gains. On the monthly USDA report, the carryout was 844 
mb versus 869 mb but the world stocks edged 4.0 million metric tons higher. Wet 
weather in the Plains should fade into this week which should help to catch 
planting progress up to the 5-year average on the weekly report with spring 
wheat harvest nearly wrapped up. The weekly export inspections were solid at 
755,073 metric tons versus 429,116 last week. On the KC December chart, 
resistance is the 20-day moving average at $5.16, then the 50-day moving 
average at $5.31. Support is the 10-day moving average at $5.10.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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