DTN Midday Grain Comments     09/25 10:56

   Corn, Soybean Futures Lower at Midday; Wheat Mixed

   Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are 3 
to 5 cents lower; wheat futures are 4 cents lower to 2 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are 3 
to 5 cents lower; wheat futures are 4 cents lower to 2 cents higher. The U.S. 
stock market is mixed with the S&P up 5. The U.S. Dollar Index is 40 points 
higher. Interest rate products are mostly weaker. Energies are mixed with crude 
.50 lower and natural gas .05 higher. Livestock trade is mixed with hogs 
leading. Precious metals are weaker with gold 8.00 lower.

CORN:

   Corn futures are 2 to 3 cents lower to start the week with light selling. 
Harvest progress continues and there is little other fresh news to drive 
action. Ethanol margins should remain stable in the near term with signs of 
driving demand picking up a bit into the end of the month. The daily export 
wire saw a large sale to Mexico of 1.05 million metric tons (mmt) of old crop, 
and 611,389 metric tons (mt) of 2024 crop. Weekly export inspections slowly 
improving at 660,811 mt. USDA's weekly Crop Progress report should show harvest 
just ahead of the five-year pace, with maturity solidly ahead as well. Basis 
should resume drifting lower for early harvest. On the December chart, the 
20-day moving average at $4.81 3/4 remains as resistance, with the fresh low at 
$4.67 3/4 as support.

SOYBEANS:

   Soybean futures are 3 to 5 cents lower at midday with trade continuing to 
work the lower end of the range. Harvest progress continues to weigh on prices, 
while South American planting pace should continue to pick up. Meal is 2.50 to 
3.50 higher, and oil is off 155 to 170 points. Weekly export inspections were 
still soft at 481,638 mt. Basis will likely stay flat as harvest slows a bit 
with more than one system needed to boost flows in the Mississippi River system 
with short-term follow up limited. USDA's weekly Crop Progress is expected to 
show harvest ahead of the five-year pace, along with maturity. South American 
weather is keeping rains to Southern Brazil and Northern Argentina so far with 
planting to expand into the end of the month with better rains to the north 
potentially this week. November chart support is the fresh low at $12.84 1/2 
with resistance the 20-day moving average at $13.49.

WHEAT:

   Wheat futures are 4 cents lower to 2 cents higher with Chicago action 
leading so far. Trade is working to consolidate at the lower end of the range 
again as we remain oversold with little fresh news to move things. Matif wheat 
is firmer with the dollar near the highs. Plains planting progress remains in 
line with the five-year average with drier short-term Plains weather and spring 
wheat harvest near complete. Weekly export inspections remain soft at 451,004 
mt. On the KC December chart, the 20-day moving average is $7.30 as resistance 
with support the lower Bollinger Band at $7.07 and the fresh low at $7.03 just 
below that.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on X, formerly Twitter, @davidfiala




(c) Copyright 2023 DTN, LLC. All rights reserved.