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DTN Midday Grain Comments     09/22 10:43

   Corn, Wheat Up at Midday; Soybeans Mixed

   Corn futures are 2 to 3 cents lower at midday, soybeans are narrowly mixed, 
and wheat futures are 7 to 11 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed at midday with the S&P 3 points lower. The 
dollar index is 12 points higher. The interest rate products are mixed. Energy 
trade is mixed with crude 1.15 lower and natural gas .08 cents higher. 
Livestock trade is mixed with hogs leading. Precious metals are mixed with gold 
off 8.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with trade fading a bit from 
the gains on Monday with overall rangebound action expected to continue short 
term as we continue to ease into harvest. Ethanol margins remain short term. 
The daily export wire was quiet again today. Weather looks ease the recent 
rainy conditions but some look to return later in the week with weekly crop 
progress showing good to excellent unchanged at 57% and poor to very poor at 
17% with 58% mature vs. 54% on average, and 13% harvested vs. 11% on average. 
Basis will likely continue to drift short term. On the December chart the 
20-day at $5.35 is support which we popped back through yesterday with the 
resistance the highs at 5.48 1/2.

SOYBEANS:

   Soybeans are narrowly mixed at midday with trade easing the sharp gains seen 
Monday overnight but coming back to flat during the day session as we wait for 
the talks with China this week. Meal is 2.00 to 3.00 higher, and oil is 80 to 
90 points lower. Harvest should pick up in the drier areas with rains to keep 
in slow in some areas with weekly crop progress showing conditions nearly 
unchanged at 58% good to excellent and 14% poor to very poor with 62% dropping 
leaves vs. 58% on average, and 12% harvested vs. 8% on average. The daily 
export wire was quiet again today. Basis will start to drift lower if harvest 
can expand next week. On the November contract chart support is the 20-day at 
12.94 where we find the 20-day moving average with resistance the recent high 
at 13.35.

WHEAT:

   Wheat futures are 7 to 11 cents lower at midday with action fading back to 
the lower end of the range after the strong start to the week as we continue to 
chop around short term. Better rains into late month should help support early 
wheat drilling on the plains with 17% planted vs. 21% on average and 2% emerged 
vs. 4% on average. Matif wheat is lightly weaker so far today. On the KC 
December chart resistance is the 20-day at $8.07 which we closed just below 
with the lower Bollinger Band at 7.62 as support.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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