DTN Midday Grain Comments     09/27 11:03

   Corn, Soybean Futures Higher at Midday; Wheat Lower

   Corn trade is 5 to 6 cents higher; beans are 7 to 8 cents higher and wheat 
trade is 3 to 9 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed with the S&P 500 up 2. The dollar index is 35 
points higher. Interest rate products are mixed. Energies are firmer with crude 
3.20 higher and natural gas .08 higher. Livestock trade is mostly lower with 
cattle the downside leader. Precious metals are weaker with gold 22.00 lower.

CORN:

   Corn trade is 5 to 6 cents higher at midday with trade once again pressing 
into resistance levels with trade needing to consolidate to boost sentiment 
with harvest continuing to expand. Ethanol margins will likely stay sideways 
with the weekly report showing production up by 29,000 with stocks rising 
367,000 barrels per day. The daily wire was quiet yesterday with expectations 
for fresh sales limited. Basis should resume a drift lower for early harvest 
with better pace expected into the weekend. On the report Friday trade is 
looking for stocks at 1.429 billion. On the December chart, the 20-day at $4.80 
3/4 remains as resistance which we are above at midday, with the recent low at 
$4.67 3/4 as support

SOYBEANS:

   Soybean trade is 7 to 8 cents higher at midday with trade working to 
consolidate back over the $13.00 area nearby with action a bit off the 
overnight highs with position squaring and harvest progress to continue short 
term. Meal is .50 to 1.50 lower and oil is 100 to 110 points higher. The daily 
wire has been quieter in recent days. Basis will likely stay flat as harvest 
slows a bit with the river system still declining in flows. South American 
weather shouldn't limit planting progress much short term. On the report, trade 
is looking for stocks at 242 million bushels. November chart support is the 
fresh low at $12.84 1/2, with resistance the 20-day at $13.40.

WHEAT:

   Wheat trade is 3 to 9 cents lower with trade scoring fresh lows again with 
the stronger dollar and spread action keeping trade defensive. Matif wheat is 
flat with the dollar at fresh highs which is encouraging selling. Plains 
planting progress should move forward with warm and drier conditions likely to 
challenge stands early while Australia struggles. Little change in the Black 
Sea situation is seen with bushels still moving out and planting just underway 
as well. On the report, trade is looking for stocks at 1.772 billion bushels. 
On the KC December Chart, the 20-day at $7.28 is resistance with support, the 
lower Bollinger Band is at $7.05, with the fresh low at $6.97 just below that.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on X, formerly Twitter, @davidfiala




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