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DTN Midday Grain Comments     09/26 11:03

   Grain Mixed at Midday

   Mixed midday trade with corn and wheat near unchanged, soybeans lower.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are flat to higher; the Dow futures are up 10. 
The interest rate products are are lower. The dollar index is 50 higher. 
Energies are mixed with crude down 0.40. Livestock trade is mostly lower. 
Precious metals are lower with gold down $6.60.

   CORN

   Corn trade is flat to 1 cent lower in quiet midday trade with range bound 
action continuing as we head towards the stocks report at the end of the week. 
Broader yield results should continue to flow in this week with early results 
mostly positive, with crop progress leaving conditions unchanged at 61% good to 
excellent, 13% poor to very poor, 93% dented, 2% behind average, 51% mature, 
13% behind average, and 11% harvested, 3% behind average. Ethanol margins 
remain stable with corn and ethanol working sideways. Harvest pressure on basis 
should increase but major moves will likely be limited with the west slowed by 
rain. On the December chart support is now the 10-day and 20-day moving average 
at 3.51-53 which trade is around at midday with $3.46 as the recent low below 
that, and the recent $3.62 high as resistance.

   SOYBEANS

   Soybean trade is 4 to 8 cents lower with trade fading back to the next level 
of support after the early-week weakness. Meal is $3 to $4 lower and oil is 
flat to 10 points higher. Yield numbers as harvest progresses should give us 
some direction ahead of the report with early results mostly good with the 
western belt being slowed by heavy rains. South American planting should 
improve into the beginning of October with some dryness in Brazil lingering and 
Argentina fairly wet in the near term. The weekly crop progress report had 
conditions unchanged at 60% good to excellent, 12% poor to very poor, 63% 
dropping leaves same as average, and 10% harvested, 2 percentage points behind 
average. On the November chart support is the 20-day at $9.62, with resistance 
the 200-day at $9.78 and then the August high at $9.88.

   WHEAT

   Wheat trade is narrowly mixed at midday with winter wheat testing the high 
end of the recent range again before pulling back. The stronger US dollar could 
limit upside if sustained, but Australian and Canadian concerns should add 
support along with a need to secure acres in the U.S. Spring wheat could see 
more position squaring with expected acre reductions on Friday. Rains in Kansas 
should boost planting, with planting progress at 24%, 4% behind average 
yesterday. On the December Kansas City contract 20-day at $4.43 is support the 
50-day at 4.64 is resistance.

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


(BAS)

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