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DTN Midday Grain Comments     09/18 11:20

   Grains Mixed at Midday

   Mixed midday trade is seen at midday to start out the week.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are higher with the Dow up 80. The interest 
rate products are lower. The dollar index is 10 higher. Energies are mostly 
lower with crude down 0.70. Livestock trade is mixed. Precious metals are mixed 
with gold down $14.40.


   Corn trade is 2 to 3 cents lower at midday with two-sided overnight trade 
giving way. The weekly export inspections were at 676,819 metric tons which was 
not large enough to bring in buyers. Ethanol margins are stable to start the 
week with corn lower and ethanol flat to higher. The weekly crop progress 
should show steady to unchanged conditions, with maturity and harvest lagging 
slightly. On the December chart support is at the $3.44 1/4 low. The 10-day and 
20-day at $3.55 1/2 are nearby resistance then the $3.62 three-week high. 


   Soybean trade is 4 to 5 cents higher at midday with strong demand helping to 
lift trade again after early weakness. Meal is $3 to $4 higher and bean oil is 
15 to 25 points lower. South America looks to remain mostly dry in the near 
term with major planting progress just around the corner. The weekly crop 
progress should show mostly steady conditions with maturity and harvest 
progress near normal. The weekly export inspections were off slightly at 
928,575 metric tons, with 126,000 metric tons sold to unknown, and 261,000 
metric tons to China on the daily wire. On the November chart support is at the 
10-day moving average at $9.65, then the 20-day at $9.53, with the 200-day at 
$9.79 3/4 major resistance. 


   Wheat trade is 1 to 6 cents lower at midday with trade remaining in the 
upper end of the recent range for winter wheat, with spring wheat struggling to 
start the week. Australia continues to see some struggles as the crop emerges 
from dormancy, while the large Russian crop will continue to keep pressure on 
the ability of the U.S. to compete on the world market, with the dollar trying 
to rally again this morning but remaining at the lower end of the range. Winter 
wheat planting should be in line with the average pace, and spring wheat 
harvest should be complete. Weekly export inspections followed the recent weeks 
at 464,375 of wheat. On the December Kansas City contract support is the 20-day 
at $4.37 with resistance at the recent high at $4.51 3/4, with the 50-day at 
4.79 above that.

   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


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