DTN Midday Grain Comments 09/15 10:52

DTN Midday Grain Comments 09/15 10:52 Corn, Wheat Futures Lower at Midday; Soybeans Higher Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 2 to 4 cents higher; wheat futures are 5 to 15 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 2 to 4 cents higher; wheat futures are 5 to 15 cents lower. The U.S. stock market is weaker with the DOW down 15 points. The U.S. Dollar Index is flat. Interest rate products are weaker. Energies are weaker with crude down 3.70. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold $33.00 lower. CORN: Corn futures are 1 to 2 cents lower at midday with trade consolidating in the upper end of the range as we wait to sort out the news of the rail strike being averted, along with further harvest expansion and spillover from energies. Short-term forecasts have the center of the belt drier with warmer temps to keep harvest expansion moving along. Weekly export sales came within expectations at 2.465 million metric tons (mmt) over the last three weeks. Ethanol margins will continue to see pressure from corn, firm natural gas, and softer unleaded futures seasonally, but harvest basis will soon provide support in many areas to boost profitability with driving demand lagging. Basis will be watched to see how quickly we go to harvest footing and how aggressively the west will bid for corn in the deficit areas into early harvest with some areas starting to show more strength. On the December chart, trade remains below the Upper Bollinger band at $7.08 as the next level up, with the 20-day moving average well below the market at $6.65. SOYBEANS: Soybean futures are 2 to 4 cents higher at midday with trade consolidating in the middle of the recent range as harvest will begin to expand and short-term export demand will continue to be watched to see if fall business picks up. Meal is $7.50 to $8.50 higher, and oil is 115 to 135 points lower. South America is moving toward planting preparation with late demand picking up ahead of the U.S. export window. Basis will continue to shift toward harvest footing with trade watching to see how quickly export shipments pick up into the end of the month. Weekly export sales were at 5.755 mmt of exports over the last three weeks with meal at 391,000 and oil at 2,400 mt. On the November soybean chart, trade has the Upper Bollinger Band at $14.90 as resistance with the $15.00 area the next level up, and the 20-day moving average well below the market at $14.30. WHEAT: Wheat futures are 5 to 15 cents lower at midday with trade fading off the upper end of the range as overbought conditions and little fresh bullish news available to push trade so far this morning. Spring wheat harvest is on the home stretch with winter wheat planting to accelerate in the next week with moisture remaining in short supply for most. The dollar is back near the recent highs with interest rate outlooks remaining in focus with MATIF prices fading off the upper end of the range. The catch-up export sales were OK at 1.410 mmt. The KC December chart has support at the 20-day moving average at $8.94, which we bounced from last week, and the Upper Bollinger band at $9.58 as resistance which we tested overnight. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.