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DTN Midday Grain Comments 09/16 10:45
Corn, Soybean Futures Lower, Wheat Futures Mixed at Midday Wednesday
Corn futures are 3 to 4 cents lower at midday; soybean futures are 1 to 2
cents lower; and wheat futures are 1 cent lower to 2 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents lower at midday; soybean futures are 1 to 2
cents lower; and wheat futures are 1 cent lower to 2 cents higher. The U.S.
stock market is mixed at midday with the S&P 26 points higher. The dollar index
is 2 points higher. The interest rate products are firmer. Energy trade is
weaker with crude 4.15 lower and natural gas .01 cent lower. Livestock trade is
broadly weaker. Precious metals are firmer with gold up 60.00.
CORN:
Corn futures are 3 to 4 cents lower at midday with sideways action
continuing as we look for direction from the Fed Statement this afternoon along
with watching nearby demand indicators into early harvest. The weekly ethanol
report showed steady production and stocks. The daily export wire was quiet
again with weekly sales expected to be in the 750,000 to 950,000 metric ton
range tomorrow. Weather looks to slow early harvest with rains through the
middle of the belt. Basis will likely drift short term into early harvest but
this weeks rains should slow pressure. On the December chart the 20-day at
$5.29 is support with the fresh high at $5.49 as further resistance.
SOYBEANS:
Soybeans futures are 1 to 2 cents lower at midday with two sided action
during the day session after we faded back from the test higher overnight. Meal
is flat to 1.00 lower and oil is 65 to 75 points lower. Wetter weather should
slow maturity and early harvest through the end of the week. The daily export
wire was quiet again with weekly sales expected to be in the 1.0 to 1.25
million metric ton range. On the November contract chart support is the 20-day
at 12.87 where we find the 20-day moving average with resistance the fresh high
at 13.35.
WHEAT:
Wheat futures are 1 cents lower to 2 cents higher at midday with trade
chopping along the lower end of the range with little fresh news and more
direction likely to come from the dollar post Fed Statement. Better rains into
midmonth should help support early wheat drilling on the plains with spring
wheat harvest nearing total completion. Matif wheat is higher with support from
the weaker Euro. Weekly export sales are expected to be in the 150,000 to
300,000 metric ton range tomorrow. On the KC December chart resistance is the
20-day at $8.05 which we closed just below with the lower Bollinger Band at
7.48 as support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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