DTN Midday Grain Comments 09/27 11:37

DTN Midday Grain Comments 09/27 11:37 All Grains Lower At Midday Flat to slightly lower trade at midday, with spring wheat leading 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 lower. The dollar index is 55 higher. Energies are mixed with crude up 0.10. Livestock trade is mostly higher. Precious metals are mixed with gold down $11.00. CORN Corn trade is fractionally higher at midday with trade working within the recent range yet again. Broader yield results should continue to flow in this week with early results mostly positive. The weekly ethanol report had production down 36,000 barrels per day, and stocks down 400,000 keeping margins stable. 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 the recent $3.46 low, with trade just below the 10 and 20-day again at $3.51-$3.53. SOYBEANS Soybean trade is 1 to 2 cents higher at midday with trade continuing to chop along with early harvest pressure expected to continue ahead of the report on Friday. Meal is flat to $1 lower and oil is 20 to 30 points lower. 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 with the focus on the longer term pattern for their growing season. The daily wire has been quieter this week, but China returned for 132,000 metric tons of beans this morning. On the November chart support is the recent low at $9.37 with trade sliding below the 20-day at $9.62 overnight. WHEAT Wheat trade is 3 to 5 cents higher at midday with spring wheat leading, and winter wheat down slightly with pressure from the row crops and the stronger U.S. dollar. The stronger U.S. dollar could limit upside if sustained with the rally working on the third day in a row, 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, but coverage remains uneven in the extended forecast. On the December Kansas City contract 20-day at $4.44 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.