DTN Midday Grain Comments     09/22 10:48

   Corn, Wheat Lower at Midday; Soybeans Mixed

   Corn futures are 2 to 3 cents lower at midday, soybean futures are narrowly 
mixed, and wheat futures are 7 to 11 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday, soybean futures are narrowly 
mixed, and wheat futures are 7 to 11 cents lower. The U.S. stock market is 
mixed at midday with the S&P 3 points lower. The U.S. Dollar Index is 12 points 
higher. The interest rate products are mixed. Energy trade is mixed with crude 
1.15 lower and natural gas .08 cents higher. Livestock trade is mixed with hogs 
leading. Precious metals are mixed with gold off 8.00.

CORN:

   Corn futures are is 2 to 3 cents lower at midday with trade fading a bit 
from the gains on Monday, with overall rangebound action expected to continue 
short term as we continue to ease into harvest. Ethanol margins remain short 
term. The daily export wire was quiet again today. Weather looks ease the 
recent rainy conditions, but some look to return later in the week with weekly 
crop progress showing good to excellent unchanged at 57% and poor to very poor 
at 17% with 58% mature vs. 54% on average, and 13% harvested vs. 11% on 
average. Basis will likely continue to drift short term. On the December chart 
the 20-day at $5.35 is support which we popped back through yesterday with the 
resistance the highs at 5.48 1/2.

SOYBEANS:

   Soybean futures are narrowly mixed at midday with trade easing the sharp 
gains seen Monday overnight but coming back to flat during the day session as 
we wait for the talks with China this week. Meal is 2.00 to 3.00 higher, and 
oil is 80 to 90 points lower. Harvest should pick up in the drier areas with 
rains to keep in slow in some areas with weekly crop progress showing 
conditions nearly unchanged at 58% good to excellent and 14% poor to very poor 
with 62% dropping leaves vs. 58% on average, and 12% harvested vs. 8% on 
average. The daily export wire was quiet again today. Basis will start to drift 
lower if harvest can expand next week. On the November contract chart support 
is the 20-day at 12.94 where we find the 20-day moving average with resistance 
the recent high at 13.35.

WHEAT:

   Wheat futures are 7 to 11 cents lower at midday with action fading back to 
the lower end of the range after the strong start to the week as we continue to 
chop around short term. Better rains into late month should help support early 
wheat drilling on the plains with 17% planted vs. 21% on average and 2% emerged 
vs. 4% on average. Matif wheat is lightly weaker so far today. On the KC 
December chart resistance is the 20-day at $8.07 which we closed just below 
with the lower Bollinger Band at 7.62 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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