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DTN Midday Grain Comments     09/16 11:29

   All Grains Lower at Midday

   Grain trade is lower at midday, with soybeans the downside leader.

By David Fiala
DTN Contributing Analyst

General Comments

   The U.S. stock market indices are higher with the Dow up 40. The interest 
rate products are mostly lower. The dollar index is 2 lower. Energies are 
mostly higher with crude $1.30 higher. Livestock trade is mostly lower. 
Precious metals are mixed with gold down $1.50. 


   Corn trade is 2 to 4 cents lower at midday after trading 7 higher overnight 
with the initial rally being faded by renewed selling during the day trade. 
Spread trade continues to show a degree of firmness which indicates a degree of 
commercial buying. FSA released certified acres at 84.833 million acres, with 
1.58 million of prevented planting. Ethanol margins remain solid although off 
their highs with the overall slide in energy prices. The weekly crop progress 
report showed conditions unchanged at 74% good to excellent, 7% poor to very 
poor. Progress was rated at 82% dented vs. 85% on average, 27% mature vs. 39% 
on average, and 4% harvested vs. 9% on average. On the December chart, support 
is at the $3.35 3/4 low with resistance at the 10-day moving average right at 
$3.46, which we traded above overnight.


   Soybean trade is 5 to 11 cents lower at midday with the intial overnight 
strength being sold once the day trade opened. Meal is $1 to $2 lower and oil 
is 30 to 40 points lower. FSA soybean acres were 80.4 million acres with 
840,000 acres of prevent plant. Chinese crushers agreed to buy 4.1 million 
metric tons of soybeans yesterday. NOPA crush was a bit below expectations at 
110.6 million bushels with soyoil stocks at 1.213 billion lbs, down sharply 
from the prior months stocks at 1.589 billion lbs. The weekly crop progress 
report had steady conditions at 72% good to excellent, and 6% poor to very 
poor, with 24% dropping leaves vs. 32% on average. Notable November soybean 
chart support is at the new contract low printed last Thursday (USDA report 
day) at $9.69 with resistance at $9.99, where we find the 10-day moving 


   Wheat trade is flat to 7 cents lower at midday with trade following the row 
crops lower. The higher protein wheat have shown better action today after 
losing in the spread trade in recent days. The dollar continues to slowly back 
away from the recent highs, but is holding at levels that keep the U.S. fairly 
uncompetitive in the export market, as shown by Egypt buying three cargos from 
France today. The Southern Plains continue to battle ongoing drought, although 
improved this past month, it can still hinder early planting and development of 
wheat. The weekly crop progress report showed spring wheat 74% harvested vs. 
86% on average, and winter wheat was 12% planted vs. 11% on average. Support on 
the December Kansas City contract is $5.84, the low from yesterday, with first 
resistance at $6.11, where we find the 10-day moving average.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered Trading Adviser. 

   David Fiala can be reached at 

   Follow David Fiala on Twitter @davidfiala


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