DTN Midday Grain Comments 09/16 10:54

DTN Midday Grain Comments 09/16 10:54 Corn, Soybean Futures Lower at Midday; Wheat Steady-Higher Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 9 to 11 cents lower; wheat futures are flat to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 9 to 11 cents lower; wheat futures are flat to 4 cents higher. The U.S. stock market is weaker with the DOW down 315 points. The U.S. Dollar Index is 10 lower. Interest rate products are weaker. Energies are mixed with crude up 1.10. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold $7.50 higher. CORN: Corn futures are 3 to 4 cents lower at midday with trade fading further back into the middle of the range with harvest pressure, outside market stress, and little other news encouraging long liquidation into the weekend, although we have firmed off the early lows. Short-term forecasts have the center of the belt drier with warmer temps to keep harvest expansion moving along. The export wire was quiet again after the catch-up number Thursday. 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 in some areas. On the December chart, trade is remains below the Upper Bollinger band at $7.08 as the next level up, with the 20-day moving average below the market at $6.68. SOYBEANS: Soybean futures are 9 to 11 cents lower at midday with trade fading back into the middle of the range as well with long liquidation, harvest pressure, and demand concerns all remaining in play. Meal is $8.00 to $9.00 lower, and oil is 90 to 100 points higher. 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 with some further near-term basis pressure expected. The daily wire remains quiet after the catch-up sales reported Thursday with more action needed soon. 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 below the market at $14.33. WHEAT: Wheat futures are flat to 8 cents higher at midday with trade following the lead of the row crops and fading back to the middle of the recent range before light buying at midday. 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 back near the recent highs with interest rate outlooks remaining in focus with MATIF prices fading off the upper end of the range with Ukraine grain corridor talks back in the news. The KC December chart has support at the 20-day moving average of $8.98, which we bounced from last week, and the Upper Bollinger band at $9.51 as resistance, which we faded from Thursday. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.