DTN Midday Grain Comments     09/18 10:46

   Corn, Soybean Futures Lower at Midday Thursday; Wheat Flat-Lower

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
4 to 5 cents lower; wheat futures are flat to 3 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
4 to 5 cents lower; wheat futures are flat to 3 cents lower. The U.S. stock 
market is firmer with the S&P 40 higher. The U.S. Dollar Index is 50 points 
higher. The interest rate products are weaker. Energy trade is weaker with 
crude off .50 cents and natural gas off .13. Livestock trade is mixed with 
cattle leading. Precious metals are weaker with gold 44.00 lower.  

CORN:

   Corn futures are 1 to 2 cents lower at midday with rangebound action ongoing 
and little other fresh news. Ethanol margins remain strong with 
tighter-than-usual inventories for this time of year. The weather should allow 
for good early-harvest progress with some scattered short-term rains to the 
west. The daily export wire saw 110,000 metric tons (mt) sold to Mexico. Weekly 
export sales were strong at 1.232 million metric tons (mmt). On the December 
chart, the 20-day moving average at $4.18 is support. Chart resistance is the 
$4.31 1/4 high, then the $4.40 200-day moving average.

SOYBEANS:

   Soybean futures are 4 to 5 cents lower with action fading back to test 
nearby support levels with broad product weakness. Meal is 1.00 to 2.00 lower 
and oil is 15 to 25 points lower. Early harvest to the east should ramp up 
quickly with the dry finish and continued open weather. South American weather 
looks to present limited issues as we head toward the early part of the 
fieldwork season. Weekly export sales showed improvement at 923,000 metric tons 
(mt); 31,200 mt old-crop meal; 151,300 mt of new-crop meal; and 22,400 of oil. 
On the November chart, support is the 20-day moving average at $10.42, which we 
are just below at midday, with major support at $10.21, our September low, with 
the Upper Bollinger Band at $10.61 as resistance.

WHEAT:

   Wheat futures are flat to 3 cents lower with nearby action continuing to 
struggle to hold above nearby support levels with the firmer dollar and 
early-week momentum slowing. Wet weather in the Plains should fade this week to 
help planting progress along with warmer temps to boost early emergence. MATIF 
wheat is edging higher. Weekly export sales were a bit soft at 377,500 mt. On 
the KC December chart, support is the 20-day moving average at $5.14, which we 
are testing at midday, then the 50-day moving average at $5.31 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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