DTN Midday Grain Comments 09/28 10:46

DTN Midday Grain Comments 09/28 10:46 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 12 to 13 cents lower; wheat futures are 17 to 23 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 12 to 13 cents lower; wheat futures are 17 to 23 cents higher. The U.S. stock market is firmer with the DOW up 275 points. The U.S. Dollar Index is 40 points lower. Interest rate products are firmer. Energies are mostly firmer with crude up 2.60. Livestock trade is weaker. Precious metals are firmer with gold $26.00 higher. CORN: Corn futures are 1 to 2 cents higher at midday with light, two-sided action once again. Trade is grinding along at the lower end of the range with outside markets and harvest results to continue to provide the main influences. Short-term forecasts have the center of the belt drier with warmer-than-normal temps over the next couple of weeks to keep harvest moving along. The export wire will need to show more life soon with nothing to start the week and sliding world freight values. Ethanol margins will likely chop along with softer driving demand with the weekly report showing production down 46,000 barrels per day (bpd) and with stocks 190,000 barrels higher. Basis will be watched to see how quickly we go to harvest footing everywhere and how aggressively the west will bid for corn in the deficit areas into early harvest with notable strength already. On the December chart, trade is just below the 20-day moving average at $6.77 with the lower Bollinger Band at $6.57 as support. SOYBEANS: Soybean futures are 12 to 13 cents lower at midday with trade fading back through the $14.00 area as demand concerns, harvest, and good South American movement and planting progress keep pressure high. Meal is $2.00 to $3.00 lower, and oil is 150 to 160 points lower. South America has early planting underway with late demand picking up ahead of the U.S. export window. The stronger dollar is potentially pushing that further out with Brazil in better shape than Argentina early on, although Argentina has aggressively moved last year's soybeans in recent days. 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 into October. The daily wire has been quiet recently, increasing demand concerns. On the November soybean chart, trade has the 20-day moving average at $14.32, which we closed below Friday at resistance, with the lower Bollinger band at $13.68 as support. WHEAT: Wheat futures are 17 to 23 cents higher at midday with trade working back toward the middle of the recent range as it shakes off the strong dollar and continues to wait for planting progress and shipping progress out of the Northern Hemisphere. The Plains look dry short term, but enough recent rains fell in some areas to keep planting moving forward with spring harvest likely wrapped up. MATIF wheat remains near the upper end of the range with some light buying Wednesday morning. The KC December chart has support at the 20-day moving average at $9.26, and the Upper Bollinger band at $9.87 as resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.