DTN Midday Grain Comments     09/12 10:43

   Corn, Soybeans Higher; Wheat Lower at Midday

   Corn futures are 4 to 5 cents higher; soybean futures are 8 to 10 cents 
higher and wheat futures are 1 to 3 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher; soybean futures are 8 to 10 cents 
higher and wheat futures are 1 to 3 cents lower. The U.S. stock market is mixed 
with the S&P unchanged. The U.S. Dollar Index is 15 points higher. The interest 
rate products are weaker. Energy trade is firmer with crude 1.10 higher and 
natural gas .05 higher. Livestock trade is mostly lower after early strength. 
Precious metals are firmer with gold 7.00 higher.

CORN:

   Corn futures are 4 to 6 cents higher at midday with a fresh high for the 
move being scored pre-report. On the report trade is looking for carryout at 
2.013 billion bushels vs. 2.117 last month on yield of 186.0 BPA vs. 188.8 last 
month. Ethanol margins look to remain solid short term, but the blender side 
will see more pressure from fall blends. The forecast looks to warm up later 
this week to move early harvest ahead south of I-80 with rains looking to stay 
confined to the west short term. The daily wire was quiet again. Basis will 
likely erode further into the second half of the month. On the December chart, 
the 20-day at $4.13 is support with the July high at $4.30 the next level of 
resistance.

SOYBEANS:

   Soybean futures are 8 to 10 cents higher with oil leading the product 
complex pre-report as we edge past nearby resistance. Meal is flat to 1.00 
lower and oil is 80 to 90 points higher. On the report, trade is looking for 
carryout at 287 million bushels vs. 290 last month, and yield at 53.2 BPA vs. 
53.6 BPA last month. The forecast warms up through this week for most which 
should push maturity before we cool back to more seasonal weather next week. 
Basis will likely remain flat to soft short term. The daily wire saw 22,000 
metric tons of soy oil sold to South Korea. On the November chart resistance is 
the 20-day at $10.40 which we are back above at midday with the Lower Bollinger 
Band at $10.21 as support.

WHEAT:

   Wheat futures are 1 to 3 cents lower at midday with action remaining on the 
low end of range with the firmer dollar and otherwise limited fresh news 
pre-report. On the report trade is looking for 863 million bushels vs. 869 last 
month. Wet weather on the plains should fade which should boost early planting 
with spring wheat harvest wrapping up. MATIF wheat is slightly higher as it 
continues to hold the lower end of the range as well. Weekly export sales 
softened a bit to 305,400 metric tons. On the KC December Chart resistance is 
the 20-day at $5.15, with the fresh low at $5.01 3/4 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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