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DTN Midday Grain Comments     09/17 11:43

   All Grains Higher at Midday

   Corn is 1 to 2 cents higher, soybeans are 10 to 11 cents higher, and wheat 
is 4 to 8 cents higher.

David M. Fiala
DTN Contributing Analyst

   The U.S. stock market weaker with the Dow down 190 points. The dollar index 
is 15 points lower. Interest rate products are higher. Energies are firmer with 
crude up $0.70. Livestock trade is mixed. Precious metals are mixed with gold 
down $22.


   Corn trade is 1 to 3 cents higher with trade following soybeans higher at 
midday after early two sided trade along with 120,000 metric tons announced n 
the export market. The export wire was quiet for corn yesterday, and spreads 
are firmer. Ethanol margins continue to see pressure with the firm corn trade. 
Basis has remained fairly flat with steady action expected to start the week. 
Weekly export sales were good at 1.61 million metric tons. On the December 
contract, trade has support at the $3.56 20-day moving average, with the recent 
high at $3.74 as resistance.


   Soybean trade is 10 to 12 cents higher at midday with trade scoring new 
highs after bouncing off the selling after the news about China import quotes 
remaining unchanged with sales of 264,000 metric tons to China, and 306,500 
metric tons to unknown. Meal is $6.50 to $7.50 higher and oil is 10 to 20 
points lower. The ral remains in the lower end of the range ahead of South 
American planting with farmers waiting for seasonal rains. Export offers 
continue to get tighter in availability as well. Weekly export sales remain 
strong at 2.46 million metric tons, with net meal sales at 91,900 metric tons, 
and 100 of oil, leaving product sales softer. The November chart has resistance 
at the upper Bollinger Band at $10.29 with the spike high at 10.24  above that 
with support the 20-day at $9.62.


   Wheat trade is 5 to 8 cents higher with the row crops pulling wheat back 
from early weakness while European dryness will remain supportive short term. 
The dollar remains steady vs. the ruble with little change in world export 
competitiveness. Kansas City is at a 66-cent discount to Chicago with spreads 
getting back to the recent lows, while Minneapolis is back to a 10 cent 
discount with narrower action to start. Wheat drilling progress should expand 
across the Plains short term with OK moisture for most. Weekly export sales 
were softer at 335,700 metric tons. Kansas City December chart resistance is 
the upper Bollinger Band at $4.88 with $5.00 the next round up, and support is 
the 20-day at $4.69.

   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

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