DTN Midday Grain Comments     09/11 12:04

   Soybean, Wheat Futures Higher at Midday; Corn Lower

   Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 
2 to 4 cents higher; wheat futures are 2 to 4 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 
2 to 4 cents higher; wheat futures are 2 to 4 cents higher. The U.S. stock 
market is weaker at midday with the S&P 60 points lower. The U.S. Dollar Index 
is 6 points higher. The interest rate products are firmer. Energy trade has 
crude .80 higher and natural gas .08 higher. Livestock trade is lightly mixed. 
Precious metals are mixed with gold off 10.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday with two-sided action as we 
head toward the WASDE report Thursday. On the report, traders are looking for 
yield at 182.5 bushels per acre (bpa) versus 183.1 bpa last time. Domestic 
carryout is expected at 2.012 billion bushels (bb) versus 2.073 bb last month. 
The weekly ethanol report showed production rising by 19,000 barrels per day 
(bpd) and stocks were up 360,000 barrels with fall maintenance slow to start. 
Weather looks to mostly keep maturity moving forward ahead of wetter weather 
toward the end of the second week for much of the belt. Basis action will 
likely continue to fade into midmonth with nearby demand absorbing some of the 
early bushels ahead of broader harvest expansion. Weekly export sales are 
expected to be in the 500,000 to 750,000 metric ton (mt) range. On the December 
chart, the 20-day moving average at $3.99 is support with the next round up at 
the Upper Bollinger Band at $4.14.

SOYBEANS:

   Soybean futures are 2 to 4 cents higher at midday with light buying 
returning after the Tuesday pullback with meal leading products as we head 
toward the report. Meal is 1.50 to 2.50 higher and oil is 35 to 45 points 
lower. On the report, traders are looking for yields at 53.3 bpa versus 53.2 
bpa last month and carryout at 561 mb versus 560 mb last month. Warmer weather 
should continue to push maturity in much of the belt into midmonth with early 
harvest likely to ramp up quickly into the second half of the month, depending 
on rains next week. Weekly export sales are expected to be in the 1.0 million 
metric ton (mmt) to 1.25 mmt range. Basis should continue to see pressure, but 
recent export sales should add a bit of support to exporting areas. The 
November chart support is at the 20-day moving average at $9.89, with the Upper 
Bollinger Band at $10.28 as the next level of resistance.

WHEAT:

   Wheat futures are 2 to 4 cents higher with trade working to extend the 
Tuesday rebound and challenge the upper end of the recent range as we head 
toward the report with other fresh news limited. On the report, traders are 
looking for carryout at 820 mb versus 828 mb last month. Northern Hemisphere 
harvest should continue to wind down. Early Plains wheat drilling is underway 
with some wetter conditions expected into midmonth to potentially support 
emergence. The dollar is holding back near the upper end of the recent range, 
with MATIF trading just short of the recent highs as well. Weekly export sales 
are expected to be in the 300,000 to 450,000 mt range. On the KC December Chart 
support is the 20-day moving average at $5.61, with the Upper Bollinger Band at 
$5.96 as the next level of resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

   **

   If you're planning to attend Husker Harvest Days in Grand Island, Nebraska, 
be sure and check out the DTN building to learn more about our latest products 
and efforts. You'll also want to sit in on our weather and markets outlooks 
from Ag Meteorologist John Baranick and Lead Analyst Todd Hultman. The outlook 
sessions are at 10:00 a.m. CDT and 2 p.m. CDT on Sept. 10 and 11. On Sept. 12 
we'll have a weather outlook at 10:00 a.m. Hultman will be covering the USDA 
WASDE report, which comes out at 11:00 a.m. CDT, and hosting a webinar 
discussion about the report at 12:30 p.m. To register for the free webinar, go 
to https://www.dtn.com/wasde-webinars/

    




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