DTN Midday Grain Comments     09/08 10:48

   Corn Slips at Midday While Soybeans and Wheat Push Higher

   Corn trade is 2 to 3 cents lower at midday, soybeans are 2 to 3 cents 
higher, and wheat is 6 to 7 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is lower at midday with the S and P 24 points lower. 
The dollar index is 35 points lower. The interest rate products are mixed. 
Energy trade is mixed with crude 1.50 higher and natural gas .10 cents lower. 
Livestock trade is firmer across the board with feeders leading. Precious 
metals are mixed with gold up 32.00.

CORN:

   Corn trade is 2 to 3 cents lower with light two sided action so far as we 
ease overbought conditions at the upper end of the range with little other 
fresh news to start the week. Ethanol margins look to remain flat short term as 
summer driving demand wraps up. The daily export wire was quiet to start the 
week with weekly export inspections remaining solid at 1.662 million metric 
tons. Weather looks to keep the crop moving forward with heat easing into 
midmonth but the weekly report will likely keep maturity and harvest ahead of 
average. Basis will likely drift short term with bigger harvest pressure likely 
to pick up into midmonth. On the December chart the 20-day at $5.10 is support 
with the fresh high at $5.49 as further resistance.

SOYBEANS:

   Soybeans are 2 to 3 cents higher at midday with trade fading from the highs 
but continuing to hold just above the $13.00 area as we consolidate further. 
Meal is 3.50 to 4.50 lower and oil is 20 to 30 points higher. Weather looks to 
keep late heat stress in play to keep pushing the crop along through midweek 
with weekly crop progress likely to keep maturity well ahead of the 5 year 
average. The daily export wire was quiet to start the week with weekly export 
inspections slightly improved at 422,016 metric tons. On the November contract 
chart support is the 20-day at 12.44 where we find the 20-day moving average 
with resistance the fresh high at 13.24.

WHEAT:

   Wheat is 6 to 7 cents higher at midday with action rebounding from the end 
of the week slide as we work to carve out a more consistent range with support 
from the cheaper dollar but we are well off the overnight gap highs seen as 
overall volatility remains higher. Spring wheat harvest is on the homestretch 
with progress likely to close to 90% with winter wheat planting getting 
underway. Matif wheat is lightly weaker after Monday gains. Weekly export 
inspections remain soft with 342,733 metric tons with YTD pace holding at 72%. 
On the KC December chart support is the 20-day at $7.85 with the fresh high at 
$8.57 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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