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DTN Midday Grain Comments 09/18 10:44
Corn, Soybeans and Wheat: All Lower at Midday
Corn futures are 4 to 5 cents lower at midday, soybeans are 18 to 19 cents
lower, and wheat futures are 10 to 15 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 4 to 5 cents lower at midday, soybeans are 18 to 19 cents
lower, and wheat futures are 10 to 15 cents lower. The U.S. stock market is
weaker at midday with the S&P 9 points lower. The dollar index is 12 points
higher. The interest rate products are weaker. Energy trade is mixed with crude
.10 lower and natural gas .03 cents higher. Livestock trade is little weaker
after early strength. Precious metals are mixed with gold off 9.00.
CORN:
Corn futures are 4 to 5 cents lower at midday with trade continuing to chop
along the recent range heading towards the weekend with little fresh news along
with spillover pressure from wheat and soybeans. Ethanol margins remain strong
even with the transition to fall unleaded blends likely to limit upside a bit.
The daily export wire was quiet to close the week. Weather looks ease the
recent rainy conditions but harvest resumption will remain slow into the second
half of the month. Basis will likely continue to drift short term. On the
December chart the 20-day at $5.31 is resistance after we faded just below it
yesterday with the lower Bollinger Band at $5.15 as support.
SOYBEANS:
Soybean futures are 18 to 19 cents lower at midday with selling picking up
during the day session with the $13.00 level holding so far as the short
squeeze in meal eases along with oil remaining soft. Meal is 14.50 to 15.50
lower and oil is 60 to 70 points lower. Wetter weather will keep progress in
the center of the belt limited short term. The daily export wire saw 110,000
metric tons sold to China. On the November contract chart support is the 20-day
at 12.94 where we find the 20-day moving average with resistance to the recent
high at 13.35.
WHEAT:
Wheat futures are 10 to 15 cents lower at midday as we fade back to the
lower end of the recent range as well with fresh news remaining limited and the
firmer dollar likely to limit upside. Better rains into late month should help
support early wheat drilling on the plains with early emergence starting in
some areas. Matif wheat is lightly weaker. On the KC December chart resistance
is the 20-day at $8.07 which we closed just below with the lower Bollinger Band
at 7.62 as support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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