DTN Midday Grain Comments 09/17 11:32

DTN Midday Grain Comments 09/17 11:32 All Grains Lower at Midday Grain trade is lower at midday after lackluster exports. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are higher with the Dow down 15. The interest rate products are higher. The dollar index is 13 points lower. Energies are mixed with crude down $0.20. Livestock trade is mixed. Precious metals are mixed with gold down $1. CORN Corn trade is 4 to 6 cents lower at midday with trade grinding lower amid mixed outside markets. The corn export sales pace has been behind last year and ethanol margins have been compressed by the recent rally in corn giving the trade thoughts demand is not supporting further upside following our 35 cent rally in just over a week. The weekly sales were disappointing at 533,000 metric tons. The FSA prevent plant acres were at 2.35 versus 2.3 million in August which was too small of a difference to push prices higher. On the nearby December chart we are back below the 100-day moving average, at $3.90, which is nearby resistance, then the $3.95 high printed this week then the 200-day at $4.01. Support is at the 10-day and 20-day moving averages at $3.77. SOYBEANS Soybean trade is 4 to 7 cents lower at midday with meal $1 to $2 lower and oil is 30 to 40 points lower with trade following the lead of corn. The FSA prevent plant acres were at 2.22 million versus 2.17 on the August number. This was slightly supportive, but no major change. Weekly export sales ok at 912,000 metric tons of soybeans, 41,000 of old crop meal, 198,000 of new, and 12,800 of oil. The USDA also announced 298,000 of new crop beans to China. On the November chart the contract low, printed Friday at $8.53 1/4, is long term support with the 20-day moving average at $8.80 nearby support. The $8.94 1/2 high printed yesterday and this morning is nearby resistance, then $9, then the 50-day at $9.33. WHEAT Wheat trade is 5 to 7 cents lower with trade following row crop weakness after another lackluster export number. The dollar is weaker ahead of the Fed decision on interest rates that could provoke a bigger change in the dollar and export competitiveness. The supply and demand trend remains bearish for wheat with the US remaining uncompetitive in the export arena with 377,000 metric tons sold on the weekly report. The winter wheat planting is moving along at a normal rate with much of the Midwest at normal moisture levels which limits upside. We have not had this for some time. On the KC December chart support is the 20-day moving average at $4.85, with the 10-day at $4.80 below it, and we are just below these areas this morning. The 50-day at $5.15 is resistance above our $4.97 3/4 Tuesday high. 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) Copyright 2015 DTN/The Progressive Farmer. All rights reserved.