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DTN Midday Grain Comments 09/30 10:46
Corn and soybeans higher at Midday while wheat is down
Corn futures are 1 to 2 cents higher at midday, soybeans are 6 to 7 cents
higher, and wheat futures are 2 to 4 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
The U.S. stock market is mixed at midday with the S&P 40 points higher. The
dollar index is 10 points lower. The interest rate products are weaker. Energy
trade is firmer with crude 2.20 higher and natural gas .01 cents higher.
Livestock trade is mixed with cattle leading. Precious metals are mixed with
gold up 13.00.
CORN:
Corn futures are 1 to 2 cents higher at midday in choppy pre-report action
as we head towards the end of the month and the quarter. On the report, trade
is looking for corn stocks at 1.92 billion bushels. Weekly ethanol production
remained softer off 21,000 barrels per day with stocks off 800,000 barrels. The
daily export wire was quiet again with weekly sales expected to be in the
500,000 to 700,000 metric ton range tomorrow. Weather looks to keep the western
belt wetter through midweek with drier weather expected after that. Basis will
likely continue to drift short term. On the December chart the 20-day at $5.32
is resistance with the lower Bollinger band at 5.20 as support which we tested
this morning.
SOYBEANS:
Soybeans are 6 to 7 cents higher at midday with the front month looking to
consolidate back over $13.00 to end the month unless the report has surprises.
Meal is 3.00 to 4.00 higher and oil is 10 to 20 points higher. On the report,
trade is looking for stocks at 323 million bushels. Harvest will remain slowed
by excess rains in the west through tomorrow before better conditions look to
emerge. The daily export wire saw 105,000 metric tons sold to unknown with
weekly sales expected to be in the 500,000 to 750,000 metric ton range
tomorrow. Basis will start to drift lower if harvest can expand next week but
will remain bid for now at processors in slow areas. On the November contract
chart resistance is the 20-day at 13.13 where we find the 20-day moving average
with the Lower Bollinger Band at 12.90.
WHEAT:
Wheat futures are 2 to 4 cents lower with early gains fading as oversold
conditions persist heading towards the report with row crop spillover and the
dollar easing trying to add some support. Stocks are expected to be at 1.894
billion bushels on the report. Better rains into late month should help support
emergence as planting still lags. Matif wheat is flat today. Weekly export
sales are expected to be in the 150,000 to 300,000 metric ton range tomorrow.
On the KC December chart resistance is the 20-day at $8.06 with the fresh low
at $7.34 3/4 as support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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