DTN Midday Grain Comments 09/18 11:20

DTN Midday Grain Comments 09/18 11:20 Grains Mixed at Midday Mixed midday trade is seen at midday to start out the week. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow up 80. The interest rate products are lower. The dollar index is 10 higher. Energies are mostly lower with crude down 0.70. Livestock trade is mixed. Precious metals are mixed with gold down $14.40. CORN Corn trade is 2 to 3 cents lower at midday with two-sided overnight trade giving way. The weekly export inspections were at 676,819 metric tons which was not large enough to bring in buyers. Ethanol margins are stable to start the week with corn lower and ethanol flat to higher. The weekly crop progress should show steady to unchanged conditions, with maturity and harvest lagging slightly. On the December chart support is at the $3.44 1/4 low. The 10-day and 20-day at $3.55 1/2 are nearby resistance then the $3.62 three-week high. SOYBEANS Soybean trade is 4 to 5 cents higher at midday with strong demand helping to lift trade again after early weakness. Meal is $3 to $4 higher and bean oil is 15 to 25 points lower. South America looks to remain mostly dry in the near term with major planting progress just around the corner. The weekly crop progress should show mostly steady conditions with maturity and harvest progress near normal. The weekly export inspections were off slightly at 928,575 metric tons, with 126,000 metric tons sold to unknown, and 261,000 metric tons to China on the daily wire. On the November chart support is at the 10-day moving average at $9.65, then the 20-day at $9.53, with the 200-day at $9.79 3/4 major resistance. WHEAT Wheat trade is 1 to 6 cents lower at midday with trade remaining in the upper end of the recent range for winter wheat, with spring wheat struggling to start the week. 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, with the dollar trying to rally again this morning but remaining at the lower end of the range. Winter wheat planting should be in line with the average pace, and spring wheat harvest should be complete. Weekly export inspections followed the recent weeks at 464,375 of wheat. On the December Kansas City contract support is the 20-day at $4.37 with resistance at 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.