DTN Midday Grain Comments     09/09 11:05

   Soybean Futures Higher at Midday; Wheat Lower; Corn Mixed

   Corn futures are narrowly mixed at midday Monday; soybean futures are 13 to 
14 cents higher; wheat futures are 2 to 9 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Monday; soybean futures are 13 to 
14 cents higher; wheat futures are 2 to 9 cents lower. The U.S. stock market is 
firmer at midday with the S&P 45 points higher. The U.S. Dollar Index is 40 
points higher. The interest rate products are mixed. Energy trade has crude .30 
higher and natural gas .10 lower. Livestock trade is mixed with volatile trade 
so far. Precious metals are mixed with gold down 1.00.

CORN:

   Corn futures are narrowly mixed in quiet trade to start the week with trade 
looking to see early harvest progress and nearby demand as we head to the 
report Thursday with better outside market spillover so far. Ethanol margins 
should drift sideways with unleaded working to form a short-term low to 
stabilize blender margins along with incoming harvest bushels. Weather looks to 
mostly keep maturity moving forward with warmer weather to push early harvest. 
Weekly crop progress is expected to show steady to slightly lower conditions 
and maturity remaining ahead of the 5-year average. Basis action will likely 
continue to fade into midmonth with nearby demand absorbing some of the early 
bushels with nearby supplies sufficient. Weekly export inspections were 
rangebound at 836,413 metric tons (mt). On the December chart, the 20-day 
moving average at $3.99 is now support with the next round up at the Upper 
Bollinger Band at $4.12, which we tested and faded from last week.

SOYBEANS:

   Soybean futures are 13 to 14 cents higher at midday with broad product 
strength to start the week. Trade is looking for further near-term demand 
heading into harvest along with watching how the crop finishes. Meal is 3.00 to 
4.00 higher with oil 45 to 55 points higher. Warmer weather should continue to 
push maturity in much of the belt into midmonth with early harvest likely to 
ramp up quickly. Weekly crop progress is expected to show steady to slightly 
lower conditions with maturity running ahead of the 5-year average. The daily 
export wire saw 132,000 mt sold to China. Weekly export inspections were 
rangebound at 354,166 mt. Basis should continue to see pressure, but recent 
export sales should add a bit of support. The November chart support is at the 
20-day moving average at $9.86, with the Upper Bollinger Band at $10.25 as the 
next level of resistance, which we tested and faded from Friday.

WHEAT:

   Wheat futures are 2 to 9 cents lower with trade fading a little further off 
the upper end of the range with fresh bullish news more limited for now. 
Northern Hemisphere harvest should be nearly wrapped up with the weekly report 
likely close to 90% for U.S. spring wheat cut. Early Plains wheat drilling is 
underway with warmer drier conditions expected into midmonth. Weekly planting 
progress is likely to be near the 5-year average. The dollar is rebounding 
solidly off the lows, with MATIF action just off the high end of the range. 
Weekly export inspections remained pretty strong at 586,687 mt. On the KC 
December chart, support is the 20-day moving average at $5.61, with the Upper 
Bollinger Band at $5.91 as the next level of resistance, which we pulled back 
from on Friday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

   **

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