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DTN Midday Grain Comments     09/22 10:55

   Corn Mixed, Beans and Wheat Higher

   Corn trade is narrowly mixed; beans are 3 cents to 4 cents higher and wheat 
trade is 2 cents to 5 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is firmer with the S&P up 25. The dollar index is 10 
points higher. Interest rate products are firmer. Energies are mixed with crude 
.50 higher and natural gas narrowly mixed. Livestock trade is mixed with cattle 
leading. Precious metals are firmer with gold 8.00 higher.


   Corn trade is narrowly mixed at midday with trade staying in the middle of 
the range after the pullback Thursday with harvest progress to slow from 
near-term rains into the weekend. Ethanol margins should remain stable in the 
near-term with signs of driving demand rebounding short-term. The daily wire 
was quiet to end the week. Basis could find some short-term strength ahead of 
the expected slowdown for weekend rains. On the December chart, the 20-day at 
$4.81 3/4 remains as resistance, with the fresh low at $4.67 3/4 as support.


   Soybean trade is 3 cents to 4 cents higher at midday with light buying after 
the Thursday washout with trade working to regain footing around $13 on the 
November contract with harvest progress likely to slow into the weekend and oil 
leading the product complex. Meal is 2.00 to 3.00 lower and oil is 140 to 150 
points higher. The daily wire was quiet to end the week. Basis will likely stay 
flat as harvest slows a bit with more than one system needed to boost flows in 
the Mississippi River system. 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 next week. November chart 
support is the fresh low at $12.92 1/2, with resistance at the 20-day at $13.58.


   support at the lows again after washing out with row crops yesterday along 
with little other fresh news to drive trade to the weekend. Matif wheat is flat 
to slightly lower at midday with the dollar holding near the highs. Plains 
planting progress should be boosted by potential moisture in the extended 
forecast with Australia and the Black Sea areas warmer and drier short term. 
The first ships have sailed out of Ukraine ports again with trade watching to 
see how traffic picks up. On the KC December Chart, the 20-day at $7.38 is 
resistance with support of the lower Bollinger Band at $7.12, which is just 
above the fresh low at $7.07.

   David Fiala can be reached at 

   Follow him on X, formerly Twitter, @davidfiala

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