DTN Midday Grain Comments     09/24 10:45

   Corn, Soybeans Narrowly Mixed at Midday Thursday; Wheat Flat to Lower

   Corn futures are narrowly mixed at midday, soybean futures are narrowly 
mixed, and wheat futures are flat to 5 cents lower.


David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday, soybean futures are narrowly 
mixed, and wheat futures are flat to 5 cents lower. The U.S. stock market is 
weaker at midday with the S&P 41 points lower. The U.S. Dollar Index is 27 
points higher. The interest rate products are weaker. Energy trade is sharply 
higher, with crude $3.55 higher and natural gas 0.14 cents higher. Livestock 
trade is mixed, with cattle leading. Precious metals are weaker, with gold off 
$28.00.

CORN:

   Corn futures are narrowly mixed in quiet midday action as we consolidate in 
the lower end of the range again. Ethanol margins will continue to hold 
strength with blender margins improving again. The daily export wire was quiet, 
with weekly sales softer at 838,300 metric tons. 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 resistance, as we failed to hold above it, with 
the lower Bollinger band at $5.24 as support.

SOYBEANS:

   Soybean futures are narrowly mixed at midday, with the trade truce extended 
until January with China and meal continuing to lead the product complex as we 
fade a bit from overnight gains. Meal is $4.00 to $5.00 higher and oil is 15 to 
25 points lower. Harvest should pick up in the drier areas, with rains to keep 
things slower in the west and to the north towards the weekend. The daily 
export wire was quiet again, with weekly sales softer at 582,400 metric tons of 
beans, 60,700 of old meal, 246,000 of new, and 1,600 of oil. 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, with resistance at the 
recent high at $13.35.

WHEAT:

   Wheat futures are flat to 5 cents lower at midday, with the firmer dollar 
helping to continue to push trade towards the lower end of the range, with 
little other fresh news to boost buying, but we have firmed back from the early 
lows again. Better rains into late month should help support early wheat 
drilling on the plains along with early emergence. Matif wheat is softer as 
well despite the weaker Euro. Weekly export sales remain sluggish at 267,600 
metric tons. On the KC December chart, resistance is the 20-day at $8.06, with 
the lower Bollinger Band at $7.61 as support, which we closed just above.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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