DTN Midday Grain Comments     09/23 10:48

   Corn, Soybeans and Wheat: All trending Lower at Midday

   Corn futures are 7 to 8 cents lower at midday, soybeans are 11 to 12 cents 
lower, and wheat futures are 10 to 16 cents lower. 



David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is weaker at midday with the S&P 45 points lower. The 
dollar index is 45 points higher. The interest rate products are weaker. Energy 
trade is mostly higher with crude 1.20 higher and natural gas .05 cents higher. 
Livestock trade is mixed with cattle leading. Precious metals are weaker with 
gold off 49.00.

CORN:

   Corn futures are 7 to 8 cents lower at midday was we fade back through 
nearby support levels after failing to extend Monday's gains with little other 
fresh news to entice buyers. Weekly ethanol production was 71,000 barrels per 
day lower, and stocks 500,000 lower on the week. The daily export wire saw 
100,000 metric tons sold to Mexico with weekly sales expected to be in the 
600,000 to 900,000 metric ton range. Weather looks to keep the western belt 
wetter as early harvest will likely remain slow in shifting into high gear. 
Basis will likely continue to drift short term. On the December chart the 
20-day at $5.35 is support which we are just below at midday with the 
resistance the highs at 5.48 1/2.

SOYBEANS:

   Soybeans are 11 to 12 cents lower at midday with trade fading back from the 
test of the upper end of the range ahead of the China talks with meal 
continuing to lead the product complex. Meal is .50 to 1.50 lower, and oil is 
55 to 65 points lower. Harvest should pick up in the drier areas with rains to 
keep things slower in the west and to the north. The daily export wire was 
quiet again with weekly sales expected to be in the 600,000 to 900,000 metric 
ton range. Basis will start to drift lower if harvest can expand next week but 
will remain bid for now. On the November contract chart support is the 20-day 
at 12.97 where we find the 20-day moving average with resistance the recent 
high at 13.35.

WHEAT:

   Wheat futures are 10 to 16 cents lower with trade back to scoring fresh lows 
for the move after the overnight rebounded faded and the stronger dollar limits 
upside. Better rains into late month should help support early wheat drilling 
on the plains along with early emergence. Matif wheat is fading as well despite 
the weaker Euro. On the KC December chart resistance is the 20-day at $8.08 
with the lower Bollinger Band at 7.68 as support which we are testing at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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