DTN Midday Grain Comments     09/11 10:44

   Midday Grain Selloff: Soybeans Tumble 25 Cents, Wheat and Corn Also in the 
Red

   Corn trade is 6 to 7 cents lower at midday, soybeans are 24 to 25 cents 
lower, and wheat is 12 to 21 cents lower. 


David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S and P 81 points higher. 
The dollar index is flat. The interest rate products are mixed. Energy trade is 
weaker with crude 3.00 lower and natural gas .01 cent lower. Livestock trade is 
mixed with cattle sharply higher. Precious metals are flat with gold off 1.00.

CORN:

   Corn trade is 6 to 7 cents lower at midday heading towards the WASDE report 
at 11 AM CT with overall rangebound action continuing as we give back the late 
surge from yesterday pre-report. On the WASDE report, trade is looking for 
yield at 178.1 BPA down from 180.7 last month with carryout at 1.533 billion 
down from 1.653 last month. Ethanol margins should remain solid near term with 
blenders again getting a boost from unleaded action this week. The daily export 
saw 264,000 metric tons old to Mexico with weekly sales strong at 1.929 million 
metric tons. Weather looks to cool a bit with rains likely to slow early 
harvest in a few areas but overall maturity will remain ahead of normal. Basis 
will likely drift short term with bigger harvest pressure likely to pick up 
into midmonth. On the December chart the 20-day at $5.22 is support with the 
fresh high at $5.49 as further resistance.

SOYBEANS:

   Soybeans are 24 to 25 cents lower at midday with broad selling so far as we 
pull back from the fresh highs scored yesterday with products fading as well 
along with the deeply overbought conditions easing for the first time in 3 
weeks. Meal is 2.00 to 3.00 lower and oil is 190 to 200 points lower. On the 
report, trade is looking for yield at 52.5 BPA vs. 52.7 last month and carryout 
at 290 million bushels vs. 320 last month. Weather should ease heat stress 
short term to help the later maturing beans but the overall pace will remain 
ahead of normal maturity wise. The daily export wire was quiet after the early 
week sales with weekly sales strong at 2.637 million metric tons with 42,600 of 
old meal, 284,500 of new, and 100 of oil. On the November contract chart 
support is the 20-day at 12.72 where we find the 20-day moving average with 
resistance the fresh high at 13.35.

WHEAT:

   Wheat is 12 to 21 cents lower at midday with longs taking profit pre-report 
as well fade to nearby support levels as we head towards the weekend with Black 
Sea rumors shifting back towards peace talks. On the report trade is looking 
for carryout at 720 million bushels, virtually unchanged from last month. 
Weekly export sales were soft at 194,200 metric tons. Better rains into 
midmonth should help support early wheat drilling on the plains. Matif wheat is 
solidly lower. On the KC December chart support is the 20-day at $8.01 which we 
are testing with the fresh high at $8.57 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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