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DTN Midday Grain Comments 09/28 10:44
Corn, Soybeans, and Wheat Lower at Midday Monday
Corn futures are 8 to 9 cents lower at midday, soybeans are 32 to 33 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 63 points lower. The
dollar index is 23 points higher. The interest rate products are weaker. Energy
trade is mostly firmer with crude 2.85 and natural gas .13 cents lower.
Livestock trade is mostly lower. Precious metals are sharply lower with gold
off 164.00.
CORN:
Corn futures are 8 to 9 cents lower at midday with early flat action turning
softer as we chop along the lower end of the range with spillover pressure from
soybeans and wheat weighing on trade. Ethanol margins will continue to hold
strength with blender margins holding as unleaded consolidates the upper end of
the range. The daily export wire was quiet to start the week with weekly export
inspections solid at 1.566 million metric tons with YTD pace at 112%. Weather
looks to keep the western belt wetter through midweek with weekly crop progress
likely to show harvest falling behind average with maturity still ahead of
average and conditions steady. Basis will likely continue to drift short term.
On the December chart the 20-day at $5.32 is resistance as we failed to hold
above it with the lower Bollinger band at 5.20 as support which we are testing
this morning.
SOYBEANS:
Soybeans are 32 to 33 cents lower at midday with trade giving back the
Friday reversal to start the week with meal the downside leader in products as
we didn't get anything from the China news to excite buyers. Meal is 11.00 to
12.00 lower and oil is 50 to 60 points lower. Harvest will remain slowed by
excess rains in the west with weekly crop progress likely to show harvest
behind average, maturity ahead still, and conditions steady. The daily export
wire was quiet again to start the week with weekly export inspections improving
at 1.153 million metric tons with YTD pace at 126%. 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 support is the 20-day at 13.10
where we find the 20-day moving average which are well below at midday with the
Lower Bollinger Band at 12.90 also being tested.
WHEAT:
Wheat futures are 10 to 16 cents lower at midday with trade fading back
towards the recent lows with little fresh news and negative row crop spillover
to start the week. Better rains into late month should help support early wheat
drilling on the plains along with early emergence with both likely near the 5
year average on the report this afternoon. Matif wheat continues to slide a bit
as well despite the weaker Euro. Weekly export inspections stayed soft at
310,635 metric tons with YTD pace at 65%. On the KC December chart resistance
is the 20-day at $8.06 with the lower Bollinger Band at 7.51 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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