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DTN Midday Grain Comments     09/22 10:43

   Grain Futures Up Slightly Midday Wednesday

   Corn is 3 to 4 cents higher, soybeans are 2 to 3 cents higher and wheat is 7 
to 10 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is firmer with the Dow up 400 points. The U.S. Dollar 
Index is 0.08 points lower. Interest rate products are mixed. Energies are 
firmer with crude up $1.00. Livestock trade is mostly higher. Precious metals 
are firmer with gold up $1.00.


   Corn trade is 3 to 4 cents higher at midday Wednesday with flat spread 
action as trade remains rangebound with outside markets calmer as China returns 
from holiday and harvest continues to expand. The weekly ethanol report showed 
production down 11,000 barrels per day with stocks up by 101,000 barrels as 
driving demand slacks a bit. South America will continue with early full-season 
corn planting with little weather concerns there so far. Corn basis will 
continue to fade to harvest, which should push to above average pace with the 
higher temps near term and some rains in the western belt. On the December 
contract, we have support at the fresh low at $4.97 while resistance is the 
20-day at $5.27.


   Soybeans are 2 to 3 cents higher at midday with trade working back towards 
the middle of the range with trade looking for confirmation of more export 
bookings along with further worries about biofuel targets triggering a short 
selloff and pressure on the oil side of the complex. Meal is $1.00 to $2.00 
higher and oil is 0.40 cent to 0.50 cent lower. Harvest should continue to 
expand with weather continuing to push maturity along. Basis levels have been 
flat to weaker in recent days. South American planting will get more attention 
into the end of the month. On the November soybean chart, resistance is at the 
20-day at $12.90 with support at the recent low at $12.57 1/2.


   Wheat trade is 7 to 10 cents higher at midday with trade bouncing back again 
from the lower end of the recent range, with winter wheats leading so far 
following spillover support from row crops and outside markets. The dollar 
continues to hold over 93 points on the index, near the summer highs. KC is 
even with Chicago with flat action so far, with Minneapolis at a 195-cent 
premium 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. KC December on the chart has resistance at the 20-day at $7.07, with the 
lower Bollinger Band at $6.80.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala

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