DTN Midday Grain Comments 09/15 11:20

DTN Midday Grain Comments 09/15 11:20 Grains Mixed at Midday Winter wheat is the midday leader in mostly lower trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow up 45. The interest rate products are lower. The dollar index is 30 lower. Energies are mixed with crude near unchanged. Livestock trade is mostly higher. Precious metals are lower with gold down $3.40. CORN Corn trade is flat to 2 cents lower at midday with trade easing lower with light selling across the grain markets for the most part this morning. Harvest will continue to expand in coming days, which will likely pressure basis, but if futures can maintain support, confidence in the recent low will increase. Ethanol futures are slightly higher this morning. On the December chart support is at the $3.44 1/4 low. The 10-day and 20-day at $3.55 as resistance, with trade not having a close above the 20-day since July 20th. The trend will remain lower until we close above the 20-day. SOYBEANS Soybean trade is 3 to 7 cents lower at midday with trade remaining in the upper end of the range. Meal is $1 to $2 lower and oil is 10 to 20 points lower. Warm and dry conditions in the west will move harvest along, with yields to be watched closely with a large expansion in harvest in the next few days. The USDA announced that China secured another 132,000 metric tons of new crop soybeans. Planting progress will be watched for Brazil in coming days as the season is off to an early dry start. On the November chart support is the 10-day moving average at $9.63 with the 200-day at $9.81 major resistance. WHEAT Wheat trade is 1 to 4 cents higher on winter wheat and 4 to 8 cents lower on spring wheat. Basis has started to move higher for the high protein wheat again indicating that quality remains a premium. Australia continues to see some struggles as the crop emerges from dormancy, while the large Russian crop will continue to keep pressure on the ability of the U.S. to compete on the world market, although U.S. origin continues to work to some destinations. The dollar rally has fizzled again with moving to the lower end of the range. On the December Kansas City contract support is the 10-day at $4.42 with resistance the recent high at $4.51 3/4, with the 50-day at 4.79 above that. 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.