DTN Midday Grain Comments     09/09 10:49

   Grain Markets Broadly Lower at Midday; Soybeans Lead Losses

   Corn trade is 5 to 6 cents lower at midday, soybeans are 8 to 9 cents lower, 
and wheat is 1 to 14 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is lower at midday with the S and P 42 points lower. 
The dollar index is 8 points higher. The interest rate products are weaker. 
Energy trade is firmer with crude 3.50 higher and natural gas .06 cents lower. 
Livestock trade is broadly lower. Precious metals are mixed with gold off 19.00.

CORN:

   Corn trade is 5 to 6 cents lower at midday with action testing the nearby 
lows from last week as we continue to ease overbought conditions heading 
towards the WASDE report on Friday. Ethanol margins are finding support from 
unleaded values rising again with the weekly report delayed until tomorrow. The 
daily export wire saw 182,800 metric tons sold to Mexico. Weather looks to keep 
the crop moving forward with heat easing into midmonth for many with the weekly 
report showing good to excellent at 56%(-1) and 17% poor to very poor with 76% 
dented vs. 72% on average, 25% mature vs. 23% and 5% harvested vs. 3%. Basis 
will likely drift short term with bigger harvest pressure likely to pick up 
into midmonth. On the December chart the 20-day at $5.17 is support with the 
fresh high at $5.49 as further resistance.

SOYBEANS:

   Soybeans are 8 to 9 cents lower at midday with trade continuing to 
consolidate with quiet product action so far and overbought conditions still in 
place. Meal is 1.00 to 2.00 lower and oil is narrowly mixed. Weather looks to 
start easing heat into midmonth with the weekly report showing 58% good to 
excellent, and 13% poor to very poor which was unchanged with 26% dropping 
leaves vs. 20% on average. The daily export wire saw 340,000 metric tons sold 
to China, and 100,000 to unknown keeping the pace of bookings active. On the 
November contract chart support is the 20-day at 12.57 where we find the 20-day 
moving average with resistance the fresh high at 13.24.

WHEAT:

   Wheat is 1 to 14 cents lower with Minneapolis action leading as we continue 
to consolidate the recent range with little other fresh news and negative row 
crop spillover. Spring wheat harvest is 86% harvested vs. 83% on average, and 
2% planted vs. 4% on average as we wait for better plains rains. Matif wheat 
has turned lower after early gains faded as well. On the KC December chart 
support is the 20-day at $7.94 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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