DTN Midday Grain Comments 09/29 10:58

DTN Midday Grain Comments 09/29 10:58 Grains Flat to Lower at Midday Trade is slightly lower at midday ahead of the stocks report. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed; the Dow futures are down 20. The interest rate products are mostly lower. The dollar index is 15 higher. Energies are lower with crude down 0.15. Livestock trade is mostly higher. Precious metals are mixed with gold down 2.50. CORN Corn trade is 1 to 2 cents lower with trade marking time until the stocks report out at 11. Harvest progress should start to expand again as effects of the recent rain fades with another set of rains headed for the west to slow progress. 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 stocks report should indicate supplies in the 2.2 to 2.5 billion bushel range. On the December chart support, trade is just below at the 10 and 20-day again at $3.52-$3.53 which where we are trading this morning with $3.46 below that as the September low, resistance is the recent high at $3.62. SOYBEANS Soybean trade is 2 to 4 cents lower at midday with trade chopping around the $9.50-60 area again. Meal is flat to $1 lower and oil is 10 to 20 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. The stocks report is expected to show stocks from 320 to 360 million bushels. 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 flat to 3 cents lower with trade continuing to chop along this morning with the focus on spring wheat acres losses on the report. The dollar rally has flattened out heading into the weekend. Australian and Canadian concerns should add support along with a need to secure acres in the U.S. On the report wheat stocks are expected to be 2.205 billion on a range of 2.083 to 2.495 billion, and total production at 1.71 billion. Rains in Kansas should boost planting, but coverage remains uneven in the extended forecast. On the December Kansas City contract 20-day at $4.46 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.