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DTN Midday Grain Comments     09/02 11:11

   Grains Mixed at Midday

   Trade is mixed at midday with soybeans seeing double-digit gains while corn 
and wheat are mostly lower.

By David Fiala
DTN Contributing Analyst

General Comments

   The U.S. stock market indices are mixed with the Dow down 15. The interest 
rate products are higher. The dollar index is 26 higher and into new highs for 
the year. Energies are lower with crude down 1.90. Livestock trade is higher. 
Precious metals are mixed with gold down $21. 

   CORN

   Corn trade is flat to 2 cents lower at midday with pressure from the 
stronger dollar and weaker wheat trade. Ethanol margins remain strong and most 
expect ethanol usage to remain high or near full capacity albeit some routine 
shutdowns could limit production slightly over the next 30 days.  With harvest 
beginning on the Southern Plains basis pressure should start to build. The 
weekly export inspections were OK at 873,165 metric tons. The weekly crop 
progress report is expected to show steady or slightly improved conditions with 
maturity tracking just behind normal. On the December chart, the 10-day and 
20-day moving averages serve as resistance at $3.67 and $3.69 with support at 
the $3.58 low.  

   SOYBEANS

   Soybean trade is 7 to 12 cents higher at midday with light buying support 
supported by old crop demand. Meal is $6 to $8 higher, and bean oil is 25 to 35 
points higher. Short profit taking is noted, but old crop fundamentals are 
still noted as supportive, supplies will remain tight until bean harvest can 
move north to resupply processors. The weather forecast looks fairly 
non-threatening for soybeans in the near term. The weekly export inspections 
remain limited by available supplies coming in at 37,381 metric tons. The 
weekly crop conditions are expected to be steady with maturity just behind 
normal. November soybean chart support remains at the $10.20 low printed last 
week and resistance is at the 10-day at $10.33, then the 20-day at $10.49. 

   WHEAT

   Wheat trade is 7 to 13 lower across the three contracts at midday with 
pressure from the strong dollar and a moderation in the tensions in Ukraine. 
Intermonth spreads have firmed slightly, which is a more encouraging sign. 
Quality concerns for the higher protein classes will linger with rains in the 
US sapping quality here and reducing the availability of quality milling wheat. 
The weekly export inspections were strong at 773,041 metric tons. The weekly 
crop progress report should show spring wheat harvest closing on the halfway 
point. Winter wheat planting will be getting underway soon on the Southern 
Plains. December Kansas City wheat is back below the 10-day and 20-day moving 
averages at $6.37 at midday. 

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

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


(CZ)

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