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DTN Midday Grain Comments     09/01 11:03

   Corn, Beans Lower at Midday

   Wheat is the leader at midday, while row crops are struggling.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock markets are lower with the DOW futures down 325 points. The 
interest rate products are lower. The dollar index is 20 points lower. Energies 
are sharply lower with crude down $3.30. Livestock trade is sharply lower. 
Precious metals are mixed with gold up $6.

   CORN

   Corn trade is 3 to 5 cents lower overnight with trade continuing to grind 
away in the recent range and pressure from soybeans and outside markets 
dragging them down this morning. The weekly crop progress listed 60% of the 
crop dented which is 10% ahead of last year and in line with the average; 
mature corn was listed at 9% versus the 15% average. Crop conditions slipped 1% 
to 68% good to excellent versus 74% a year ago. Seasonally light rating 
declines are normal. Warmer weather is expected to continue this week, which 
should move maturity along quicker. The USDA monthly report is due out next 
Friday which will be the next major news trade this week should be active with 
some direction from the outside markets. On the December chart support is at 
the low from last week at $3.65 and then the contract low at $3.57. Resistance 
is at the $3.79 20-day moving average then the $3.86 high printed last week. 

   SOYBEANS

   Soybean trade is 12 to 14 cents lower at midday with Asian demand concerns 
reigniting selling with meal $3 to $4 lower and oil 70 to 80 points lower. 
Beans are starting to carve out a range in the $8.60 to $8.90 area. The weather 
is still important to determine how the crop will finish out but few worries 
are around. Crop progress listed 93% of the crop setting pods, 2% slower than 
normal with 9% dropping leaves, 2% ahead of normal. Crop conditions remained at 
63% good to excellent although 1% moved from good to excellent. On the November 
soybean chart support is at the contract low of $8.55 is support with 
resistance at $8.88 the previous low then the 20-day at $9.15. 

   WHEAT

   Wheat trade is flat to 5 cents higher at midday with light follow through 
buying after the good finish yesterday. The weaker dollar is adding support 
this morning, but further weakness will need to be sustained to substantially 
improve competitiveness. Weak fundamentals and chart pressure will continue to 
limit upside. Crop progress listed spring wheat 88% harvested versus the 62% 
average. Chart resistance for the December Kansas City contract is at the $4.91 
10-day moving average. Support is at the $4.78 fresh contract low reached 
today. 

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered trading adviser.
David Fiala can be reached at dfiala@futuresone.com 
Follow David Fiala on Twitter @davidfiala


(BAS)

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