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DTN Midday Grain Comments     09/23 11:00

   All Grains Lower at Midday

   Corn is 1 to 2 cents lower, soybeans are 2 to 3 cents lower, and wheat is 2 
to 5 cents lower.

David M. Fiala
DTN Contributing Analyst

   The U.S. stock market is lower with the Dow down 55 points. The dollar index 
is 20 points higher. Interest rate products are mixed. Energies are firmer with 
crude up $0.40. Livestock trade is mostly higher. Precious metals are weaker 
with gold down $35.


   Corn trade is 1 to 2 cents lower at midday with harvest pressure pushing 
action slightly lower at midday. The daily export wire was quiet for corn 
today. The weekly ethanol report showed production down 20,000 barrels per day, 
with stocks 199,000 barrels higher. Basis has started to slide towards harvest 
levels in many areas with open weather allowing combines to roll. On the 
December contract, trade has support at the $3.64 20-day moving average, with 
the recent high at $3.78 as resistance.


   Soybean trade is 2 to 3 cents lower at midday with volatile two-side trade 
continuing, with export sales storming along with another 132,000 metric tons 
to China, and 126,000 to unknown announced yesterday with more expected today, 
while the spreads try to stabilize after being weaker the last couple of days. 
Meal is $6.50 to $7.50 higher and oil is 85 to 95 points lower. The ral 
remains in the lower end of the range ahead of South American planting with 
farmers waiting for seasonal rains while Argentine farmer selling remains slow. 
Export offers continue to get tighter in availability as well with meal driving 
the product complex. The November chart has resistance at the upper Bollinger 
Band at $10.46, which is also the fresh high with support the 20-day at $9.84.


   Wheat trade is 1 to 6 cents lower at midday with choppy trade continuing in 
the upper end of the range. The dollar remains steady vs. the ruble with little 
change in world export competitiveness. Kansas City is at a 64-cent discount to 
Chicago with spreads narrowing again after the Friday reversal, while 
Minneapolis is back to a 17 cent discount with narrower action to start. Wheat 
drilling progress should expand across the plains short term with OK moisture 
for most for now but follow up rain lacking. Kansas City December chart 
resistance is the fresh high at $5.09, and support is the 20-day at $4.78.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered adviser.
He can be reached at
Follow him on Twitter @davidfiala

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