DTN Midday Grain Comments 09/08 11:43

DTN Midday Grain Comments 09/08 11:43 Grains Mixed at Midday Corn and wheat are slightly positive at midday with soybeans fading. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures up 40 points. The interest rate products are lower. The dollar index is 30 lower. Energies are lower with crude down 0.80. Livestock trade is sharply higher for cattle, and slight higher for hogs. Precious metals are mixed with gold up $1.00. CORN Corn trade is flat to 2 cents higher this morning with trade continuing to work the recent range, with light buying support showing so far. Ethanol margins are steady with futures gaining with corn. Corn basis has remained steady to seasonally weak with the late-moving old-crop bushels still occupying elevator space with weaker Gulf bids in recent days. The USDA announced 179,324 metric tons sold to unknown, and weekly sales were good with -358,600 of old-crop sales as the marketing year ended, but 1.48 million of new-crop sales. Maturity will remain slow in the east, with more harvest progress in the southern areas of the belt with near term dry weather. 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 $3.60 as resistance. We have two more sessions until we see the USDA September World Agricultural Supply and Demand numbers; this report should be the trade focus between now and next Tuesday-report day. SOYBEANS Soybean trade is 1 to 5 cents lower at midday with trade setting back from the $9.77 area again overnight. Meal is $1 to $2 lower and oil is 20 to 30 points lower. Dry conditions continue to be the biggest concern as the crop finishes. Palm oil prices have hit new highs again, potentially adding more support to the oil side of the crush. Delta harvest should continue to move along quicker with the storms staying more east. The weekly export sales were strong with -366,400 metric tons of old crop, 1.52 million metric tons of new crop, 62,500 of old meal, 211,900 of new meal, and 900 of oil. The USDA also announced 264,000 metric tons of sales to China. On the November chart support is the 100-day moving average at $9.60 then the 10-day at $9.53 below that, with the 200-day at $9.81 major resistance. Also expect buy stops above this level that would effectively be short covering along with some longer term chart buyers. WHEAT Wheat trade is flat to 3 cents higher at midday with the spring wheat leading again with the spreads reversing towards the Minneapolis contract this week as harvest wraps up. The winter wheat winning streak was snapped yesterday, with trade remaining well above recent lows. The dollar downtrend remains intact with new lows this morning, but Russia still is controlling the export market in the near term. Weekly export sales were improved but still soft at 375,500 metric tons. On the December Kansas City contract support is the 20-day at 4.40 which we were are just above 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.