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DTN Midday Grain Comments     09/18 15:09

   Grains Trending Higher at Midday

   Corn is flat to 1 cent higher, soybeans are 10 to 12 cents higher, and wheat 
is 5 to 13 cents higher.

David M. Fiala
DTN Contributing Analyst

   The U.S. stock market weaker with the Dow down 55 points. The dollar index 
is 15 points lower. Interest rate products are lower. Energies are firmer with 
crude up $0.40. Livestock trade is mixed with cattle leading. Precious metals 
are firmer with gold up $12.

   CORN

   Corn trade is flat to 1 cent higher at midday with trade following soybeans 
higher again with fresh highs being scored again overnight with spreads softer 
at midday, and 210,000 metric tons of corn sold to China. Ethanol margins 
continue to see pressure with the firm corn trade with unleaded bouncing 
slightly. Basis has remained fairly flat with steady action expected to start 
the week. On the December contract, trade has support at the $3.60 20-day 
moving average, with the recent high at $3.79 as resistance.

   SOYBEANS

   Soybean trade is 10 to 12 cents higher at midday with trade scoring new 
highs with more export sales showing up of 132,000 metric tons of beans to 
China, and 100,000 mt of meal to unknown. Meal is $4.50 to $5.50 higher and oil 
is 10 to 20 points higher. The real remains in the lower end of the range ahead 
of South American planting with farmers waiting for seasonal rains while 
Argentine farmer selling remains slow. Export offers continue to get tighter in 
availability as well. The November chart has resistance at the upper Bollinger 
band at $10.44 which is also where the overnight high was with support the 
20-day at $9.67.

   WHEAT

   Wheat trade is 5 to 13 cents higher at midday with the row crops pulling 
wheat along 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 
near the recent lows, while Minneapolis is back to a 16-cent discount with 
wider 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 $4.93 with $5.00 the next round up which we are testing at 
midday, and support is the 20-day at $4.72.

   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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