DTN Midday Grain Comments 09/15 10:46
Soybeans and Wheat Higher at Midday, Corn holds steady
Corn trade is flat to a penny higher at midday, soybeans are 8 to 10 cents
higher, and wheat is 4 to 8 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
The U.S. stock market is weaker at midday with the S and P 36 points lower.
The dollar index is 24 points higher. The interest rate products are weaker.
Energy trade is firmer with crude 3.20 higher and natural gas .02 cent higher.
Livestock trade is broadly weaker. Precious metals are weaker with gold off
27.00.
CORN:
Corn trade is flat to a penny higher as we continue to chop sideways as we
ease overbought conditions and see little fresh bullish news outside strength
in energies. Ethanol margins should remain solid near term with blenders again
getting a boost from unleaded action surging higher. The daily export wire was
quiet again today. Weather looks to slow early harvest with rains through the
middle of the belt with weekly crop progress showing good to excellent up 1% to
57% and poor to very poor at 17%(0) with 42% mature vs. 38% on average and 8%
harvested vs. 6% on average. Basis will likely drift short term into early
harvest but this weeks rains should slow pressure. On the December chart the
20-day at $5.26 is support with the fresh high at $5.49 as further resistance.
SOYBEANS:
Soybeans are 8 to 10 cents higher with early weakness giving way to broader
buying this morning as meal leads on the product side. Meal is 7.00 to 8.00
higher and oil is 10 to 20 points lower. Wetter weather should slow maturity
and early harvest with steady conditions on the weekly report at 58% good to
excellent and 13% poor to very poor with 44% dropping leaves vs. 37% on
average, and 6% harvested vs. 3% on average. The daily export wire was quiet
again today. On the November contract chart support is the 20-day at 12.80
where we find the 20-day moving average with resistance the fresh high at 13.35.
WHEAT:
Wheat is 4 to 8 cents higher with trade rebounding from early selling to
hold just off the lower end of the recent range with winter wheats leading with
the firmer dollar likely to limit upside a bit. Better rains into midmonth
should help support early wheat drilling on the plains with planting progress
at 8% vs. 12% on average with spring wheat 93% harvested vs. 92% on average.
Matif wheat is lightly higher with support from the weaker Euro. On the KC
December chart resistance is the 20-day at $8.02 which we closed just below
with the lower Bollinger Band at 7.48 as support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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