DTN Midday Grain Comments     09/25 10:51

   Corn, Soybean, Wheat Futures Lower at Midday Friday

   Corn futures are 1 to 2 cents lower at midday; soybean futures are 5 to 6 
cents lower, and wheat futures are 2 to 8 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday; soybean futures are 5 to 6 
cents lower, and wheat futures are 2 to 8 cents lower. The U.S. stock market is 
firmer at midday, with the S&P 18 points higher. The U.S. Dollar Index is 27 
points higher. The interest rate products are weaker. Energy trade is weaker 
with crude $0.70 lower and natural gas 0.18 cents lower. Livestock trade is 
mostly lower. Precious metals are firmer, with gold up $14.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday, with broad ag weakness 
overnight easing through the day session as we continue to chop around the 
recent range. Ethanol margins will continue to hold strength, with blender 
margins holding strong even as unleaded eases this morning. The daily export 
wire was quiet to end the week. Weather looks to keep the western belt wetter 
as early harvest will likely remain slow in shifting into high gear. Basis will 
likely continue to drift short term. On the December chart, the 20-day at $5.32 
is resistance, as we failed to hold above it, with the lower Bollinger band at 
$5.20 as support which we are tested below and bounced from today.

SOYBEANS:

   Soybean futures are 5 to 6 cents lower at midday, with broad product 
weakness as we fade back through nearby support as well in the risk-off trade, 
although we are well off the overnight lows. Meal is $3.00 to $4.00 lower and 
oil is 10 to 20 points lower. Harvest should pick up in the drier areas, with 
rains to keep things slower in the west and to the north into next week. The 
daily export wire was quiet again, with trade announcements expected for 
Monday. Basis will start to drift lower if harvest can expand next week but 
will remain bid for now at processors in slow areas. On the November contract 
chart, support is the 20-day at $13.10, where we find the 20-day moving 
average, which we have faded below overnight before trading back to it at 
midday, with resistance at the recent high at $13.35.

WHEAT:

   Wheat futures are 2 to 8 cents lower, with trade getting towards oversold 
conditions as we continue to unwind longs heading towards the end of the month, 
with little fresh bullish news to entice buyers, but we have firmed back a bit 
from the overnight lows with row crop support. Better rains into late month 
should help support early wheat drilling on the plains, along with early 
emergence. Matif wheat continues to slide a bit as well. On the KC December 
chart, resistance is the 20-day at $8.06, with the lower Bollinger Band at 
$7.51 as support, which we are just above at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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