DTN Midday Grain Comments 09/26 11:03

DTN Midday Grain Comments 09/26 11:03 Grain Mixed at Midday Mixed midday trade with corn and wheat near unchanged, soybeans lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are flat to higher; the Dow futures are up 10. The interest rate products are are lower. The dollar index is 50 higher. Energies are mixed with crude down 0.40. Livestock trade is mostly lower. Precious metals are lower with gold down $6.60. CORN Corn trade is flat to 1 cent lower in quiet midday trade with range bound action continuing as we head towards the stocks report at the end of the week. Broader yield results should continue to flow in this week with early results mostly positive, with crop progress leaving conditions unchanged at 61% good to excellent, 13% poor to very poor, 93% dented, 2% behind average, 51% mature, 13% behind average, and 11% harvested, 3% behind average. Ethanol margins remain stable with corn and ethanol working sideways. Harvest pressure on basis should increase but major moves will likely be limited with the west slowed by rain. On the December chart support is now the 10-day and 20-day moving average at 3.51-53 which trade is around at midday with $3.46 as the recent low below that, and the recent $3.62 high as resistance. SOYBEANS Soybean trade is 4 to 8 cents lower with trade fading back to the next level of support after the early-week weakness. Meal is $3 to $4 lower and oil is flat to 10 points higher. Yield numbers as harvest progresses should give us some direction ahead of the report with early results mostly good with the western belt being slowed by heavy rains. South American planting should improve into the beginning of October with some dryness in Brazil lingering and Argentina fairly wet in the near term. The weekly crop progress report had conditions unchanged at 60% good to excellent, 12% poor to very poor, 63% dropping leaves same as average, and 10% harvested, 2 percentage points behind average. On the November chart support is the 20-day at $9.62, with resistance the 200-day at $9.78 and then the August high at $9.88. WHEAT Wheat trade is narrowly mixed at midday with winter wheat testing the high end of the recent range again before pulling back. The stronger US dollar could limit upside if sustained, but Australian and Canadian concerns should add support along with a need to secure acres in the U.S. Spring wheat could see more position squaring with expected acre reductions on Friday. Rains in Kansas should boost planting, with planting progress at 24%, 4% behind average yesterday. On the December Kansas City contract 20-day at $4.43 is support the 50-day at 4.64 is resistance. 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.