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DTN Midday Grain Comments     09/15 10:44

   Grain Futures Moving Up at Midday

   Corn is 7 to 8 cents higher, soybeans are 4 to 5 cents higher and wheat is 8 
to 9 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is mixed with the Dow up 85 points. The U.S. Dollar 
Index is 0.12 lower. Interest rate products are weaker. Energies are firmer 
with crude up $2.20. Livestock trade is mixed with hogs leading. Precious 
metals are mixed with gold down $13.40.


   Corn trade is 7 to 8 cents higher at midday Wednesday with trade pushing 
toward resistance levels and firmer spread action as we look to build on 
Tuesday's gains. The weekly ethanol report showed production up 14,000 barrels 
per day, stocks declined another 380,000 barrels while natural gas values limit 
margin gains with unleaded staying near the upper end of the range. South 
America will continue with early full season corn planting and little weather 
concerns there so far. Corn basis will likely continue to drift lower into 
harvest, which should push to above average pace with the higher temps near 
term. On the December contract, we have support at the fresh low at $4.97 while 
resistance is the 20-day at $5.33.


   Soybeans are 4 to 5 cents higher at midday with trade remaining range bound 
overall and firmer spread action as trade will need to challenge the 
$13.00-area to build momentum with five cargos of soybeans being canceled on 
the daily wire. Meal is $1.50 to $2.50 lower and oil is 1.05 cents to 1.15 
cents higher with oil again leading the product complex. Warmer weather should 
continue to push the crop towards maturity. Basis levels have been flat to 
weaker in recent days. Trade will watch South American weather, but widespread 
planting won't come until the end of the month, depending on weather with some 
recent showers On the November soybean chart, resistance at the 20-day at 
$12.99 with support at the recent low at $12.65.


   Wheat trade is 8 to 9 cents higher at midday with winter wheats leading as 
they push back above $7.00 nearby. The dollar is fading back towards 92 points 
on the index as the rally failed again. KC is at a 3-cent premium to Chicago 
with early week strength holding this week, with Minneapolis at a 186-cent 
premium on the December in weaker action. Weather in the Plains looks dry short 
term as planting gets going with little fresh news on Southern Hemisphere 
weather so far, while StatsCanada edged production lower. KC December on the 
chart has resistance at the 20-day at $7.11, which we are testing at midday 
with the fresh low at $6.76 1/2 as support.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala

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