| |
DTN Midday Grain Comments 09/15 11:21
Corn, Soybean, Wheat Futures All Lower at Midday
Corn futures are giving back gains from Friday, sitting 6 cents lower Monday
near midday; soybean and wheat futures are down a penny at midday after mixed
action.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are giving back gains from Friday, sitting 6 cents lower Monday
near midday; soybean and wheat futures are down a penny at midday after mixed
action. The U.S. stock market is firmer after mixed early trade; the S&P is 30
higher. The U.S. Dollar Index is 20 points lower. The interest rate products
are firmer. Energy trade is firmer with crude up 50 cents. Livestock trade has
cattle back to sharply higher, with hogs seeing light gains. Precious metals
are slightly firmer at midday and up near the all-time highs reached last week.
CORN:
Corn futures are 6 cents lower at midday with the market appearing to trade
the supply side numbers seen on the WASDE on Friday. The fundamental net
negative items from USDA on Friday were yield slipped to 186.7 bushels per acre
(bpa), higher than expected, versus 188.8 bpa last month, with production
rising to 16.814 billion bushels (bb) from 16.472 bb in August with a
1.2-million increase in acres. Ethanol margins remain solid and should support
corn trade on weakness the remainder of the month as we take on some harvest
pressure. The weather should allow for a good early harvest for the rest of the
month, with crop progress staying ahead of the 5-year average. The weekly
export inspections were supportive at 1,511,691 metric tons. On the December
chart, the 10-day moving average at $4.21 is nearby support, then the 20-day
moving average at $4.15. Chart resistance is the $4.30 1/4 high printed on
Friday, then the $4.40 200-day.
SOYBEANS:
Soybean futures are a penny lower at midday after a narrowly mixed morning.
Meal is down $2 and soybean oil down 5. We saw the USDA yield number at 53.5
bpa Friday, versus 53.6 bpa last month, giving production at 4.301 bb versus
4.292 bb last month with acres up 200,000. The carryout rose to 300 million
bushels (mb) from 290 mb last month. The limited net changes should support
sideways action this week in the upper part of our early September trading
ranges. The weekly export inspections were nearly double last week at 804,352
metric tons. On the November chart, support is the 20-day moving average at
$10.41 with major support at $10.21, our September low; the Upper Bollinger
Band at $10.60 resistance.
WHEAT:
Wheat futures are a penny lower at midday after slower mixed action as we
work to hold the Friday gains. On the monthly USDA report, the carryout was 844
mb versus 869 mb but the world stocks edged 4.0 million metric tons higher. Wet
weather in the Plains should fade into this week which should help to catch
planting progress up to the 5-year average on the weekly report with spring
wheat harvest nearly wrapped up. The weekly export inspections were solid at
755,073 metric tons versus 429,116 last week. On the KC December chart,
resistance is the 20-day moving average at $5.16, then the 50-day moving
average at $5.31. Support is the 10-day moving average at $5.10.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
(c) Copyright 2025 DTN, LLC. All rights reserved.
For more free DTN information sent right to your email each morning - click here to sign up for DTN Snapshot.
|
|
