DTN Midday Grain Comments 09/05 11:30

DTN Midday Grain Comments 09/05 11:30 Soybeans Lead Grain Higher at Midday Trade is higher across the board, led by soybeans, while spring wheat lags. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 140 points. The interest rate products are higher. The dollar index is 50 lower. Energies are higher with crude up 1.60. Livestock trade is mostly higher. Precious metals are higher with gold up $11.60. CORN Corn trade is 4 cents higher at midday with trade moving back towards the recent highs due to spillover support from soybeans and light chart buying. Cooler temps may threaten later maturity corn in the coming days, with below normal progress expected on the report this afternoon, with conditions expected to be steady to lower seasonally. The weekly export inspections were a little softer at 797,555 metric tons. Ethanol margins are narrower with unleaded fading, and basis is expected to remain steady in the near term. USDA announced 143,650 metric tons of corn to Mexico. On the December chart support is the 10-day at $3.54, with the lows at $3.44 below that, and the 20-day at $3.63 as resistance. SOYBEANS Soybean trade is 18 to 21 cents higher at midday with trade leaving a 3 cent gap at $9.52 on the open with frost concerns and demand helping to push the market. Meal is $6.50 to $7.50 higher and oil is 20 to 30 points higher. Cooler air looks like a bigger concern in the near term than before the weekend, with crop progress expected to be near normal with drier areas advancing faster, with steady conditions. The daily wire is expected to be active again this week with China buying 136,000 metric tons this morning, with weekly inspections at 644,909 metric tons. Delta harvest should resume depending on the track of Hurricane Irma. On the November chart support is the gap at $9.52 with the 10-day at $9.43 below that, and the 50-day at $9.70 being tested at midday. WHEAT Wheat trade is 5 to 10 cents higher at midday with winter wheat trade leading as it continues to work to lover oversold conditions ahead of planting along with support from row crops. Kansas City got its fourth positive finish in a row and a second daily close above the 10-day moving average to close last week as the charts turn more positive in the near term. Minneapolis trade is moving into oversold conditions but for now long liquidation is keeping the trend lower with harvest nearing the end. The weekly export inspections were disappointing at 252,465 metric tons. On the December Kansas City contract support the 10-day at $4.31 with resistance at the 20-day at $4.46, which we are testing at midday. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.