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DTN Midday Grain Comments     09/19 11:27

   Corn Near Steady; Soybeans, Wheat Higher at Midday

   Soybeans and wheat are midday leaders, with corn remaining around unchanged. 

By David Fiala
DTN Contributing Analyst

 General Comments

   U.S. stock market indices are mixed with DOW futures up 185. Interest rate 
products are firmer. The dollar index is 7 lower. Energies are higher with 
crude up .95. Livestock trade is mixed after early pressure. Precious metals 
are firmer with gold up $5.30.  

   CORN

   Corn futures are flat to 1 cent higher at midday with trade grinding 
sideways on little fresh news and ongoing harvest. Wetter, near-term weather 
may slow harvest progress in many areas this week, while other areas are moving 
along quickly. The weekly ethanol report showed production 31,000 barrels per 
day higher, stocks were down 148,000 barrels with futures remaining at the 
bottom of the range at 1.25. Corn basis will likely see more pressure from 
harvest here in the near term. Crude is higher and back above $70 with the 
dollar weaker, providing some outside market support On the December chart 
support is at the fresh contract low printed Tuesday at $3.42 3/4 with the 
10-day at $3.56 noted nearby resistance. 

   SOYBEANS

   Soybean futures are 6 to 8 cents higher at midday with trade trying to build 
support after the fresh lows scored this week amid harvest pressure and trade 
concerns. Meal is $4 to $5 higher and oil is narrowly mixed. Soybean basis 
remains historically wide across the belt with storage and shipping concerns 
continuing to dominate. Crush margins remain strong in the near term. Early 
planting in South America is underway with conditions on the dry side going in, 
but no major concerns expected for a while and the Brazil and Argentina 
currencies remain historically cheap with the real falling back to its lows. 
U.S. and Brazil offers are near parity to China even with the tariffs with 
broader Asian export interest in recent days and Brazil running low on 
exportable bushels. On the November chart, support is fresh lows at $8.12 1/4 
scored Tuesday, with the 10-day at $8.31 and the 20-day at $8.38 noted 
resistance levels.  

   WHEAT

   Wheat futures are 6 to 9 cents higher at midday with better buying interest 
continuing and world values continuing to work higher on the longer-term export 
tenders. The U.S. dollar is at the bottom of the recent range. Russia will 
continue to work on spring wheat harvest and winter wheat planting with mixed 
moisture. Australia looks to have more mixed weather in the near term with 
longer-term dryness still an issue as we get closer to harvest there, and some 
frost in Western Australia. Matif milling wheat is firmer this morning. On the 
December KC chart we have support at the lower Bollinger Band at $4.97 with 
resistance 10-day at $5.16, which we are above at midday with the 20-day at 
$5.29, the next round higher.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered adviser.  He can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala


(BAS)

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