DTN Midday Grain Comments 09/28 11:47

DTN Midday Grain Comments 09/28 11:47 All Grains Lower at Midday Trade is slightly lower at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed; the Dow futures are up 23. The interest rate products are mixed. The dollar index is 15 lower. Energies are lower with crude down 0.25. Livestock trade is mostly lower. Precious metals are mixed with gold unchanged. CORN Corn trade is 2 cents lower at midday with range bound trade continuing; the lower midday trade is noted as harvest pressure. Harvest progress should start to expand again as effects of the recent rain fades. Ethanol margins remain stable with the sideways action in corn, and energies holding in the upper end of the range. Harvest pressure on basis should increase in the near term. The weekly export sales were disappointing at 320,300 metric tons, but we did have a sale of 233,000 on the daily wire to unknown. On the December chart support, trade is right at the 10 and 20-day again at $3.52-$3.53 which where we are trading at midday, resistance is the recent high at $3.62. SOYBEANS Soybean trade is 5 to 6 cents lower at midday with trade chopping around the $9.60 area again. Meal is flat to $1 lower and oil is 30 to 40 points lower. Yield numbers as harvest progresses will help to steer trade with resumption of harvest as rain effects fade. 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. Weekly export sales were strong at 2.98 million metric tons of beans, 215,500 net meal sales, and 15,500 of oil. The USDA also announced 132,000 metric tons of the daily wire. On the November chart is the recent lows at $9.37, with the 20-day at $9.64 as resistance just above the market. WHEAT Wheat trade is 1 to 7 cents lower at midday with trade working to consolidate at the upper end of the range with spring wheat regaining the lead today. The dollar rally has faded slightly this AM after the sharp gains this week. Australian and Canadian concerns should add support along with a need to secure acres in the US. 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. The weekly export sales remained tepid at 435,600 metric tons. On the December KC 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.