DTN Midday Grain Comments 09/06 11:18

DTN Midday Grain Comments 09/06 11:18 All Grains Higher at Midday Trade is higher across the board at midday erasing early weakness. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 65 points. The interest rate products are mostly lower. The dollar index is 20 lower. Energies are higher with crude up 0.50. Livestock trade is mostly higher. Precious metals are higher with gold up $1.00. CORN Corn trade is 2 cents higher at midday with trade following soybeans higher since mid-morning. The weekly crop progress/conditions had corn at 61% good to excellent, down 1 percentage point on the week. Progress was slightly behind normal at 92% in the dough, 2 percentage points behind average, 60% dented, 8 percentage points behind average, and 12% mature, 6 percentage points behind average. Ethanol margins are narrower with unleaded fading while ethanol edges higher this morning, and basis is expected to remain steady in the near term with the market still digesting delayed price bushels and harvest expanding in the southern part of the belt. USDA announced 253,300 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 $3.62 as resistance. SOYBEANS Soybean trade is 6 to 9 cents higher at midday with trade trying to consolidate the sharp gains seen to open the week, with demand and drier finishing weather the biggest concerns. Meal is $2 to $3 higher and oil is 20 to 30 points higher. The near term forecast remains dry as the crop tries to finish with weekly crop progress at 61% good to excellent, 11% poor to very poor, 97% setting pods, 1 percentage point ahead of average, and 11% dropping leaves, 1 percentage point behind average. Delta harvest should resume depending on the track of Hurricane Irma, with the eastward shift allowing better progress. On the November chart support is the gap at $9.52 with the 10-day at $9.47 below that, and the 50-day at $9.71 giving way this morning, with the 200-day at $9.81 the next round up. WHEAT Wheat trade is 4 to 10 cents higher with spring wheat the midday leader in a reversal of recent action. Kansas City got its fifth positive finish in a row yesterday, which is turning charts more positive in the short term. Minneapolis trade is trying to ease oversold conditions with harvest at 89% complete, 11 percentage points ahead of average, helping to pause the long liquidation. The dollar downtrend remains intact, but Russia still is controlling the export market in the near term. On the December Kansas City contract support the 10-day at $4.33 with resistance at the 20-day at $4.44, which we are just above at midday, with the 200-day still well above the market at $4.89. 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.