DTN Midday Grain Comments     10/09 10:47

   Soybean Futures Higher at Midday; Corn Flat-Higher; Wheat Mixed

   Corn futures are flat to a penny higher at midday Wednesday; soybean futures 
are 4 to 5 cents higher; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny higher at midday Wednesday; soybean futures 
are 4 to 5 cents higher; wheat futures are narrowly mixed. The U.S. stock 
market is firmer at midday with the S&P 26 points higher. The U.S. Dollar Index 
is 23 points higher. The interest rate products are weaker. Energy trade has 
crude .60 lower and natural gas is .09. Livestock trade is weaker. Precious 
metals are mixed with gold down 2.00.

CORN:

   Corn futures are flat to a penny higher at midday with rangebound action 
continuing and little overall fresh news to get action higher. The weekly 
ethanol report showed production up by 34,000 barrels per day (bpd), with 
stocks down by 130,000 barrels. Weather looks to keep harvest moving ahead with 
open weather for the Corn Belt continuing. Basis action should drift lower as 
harvest moves ahead. The daily export wire saw 126,000 metric tons (mt) sold to 
unknown. Weekly export sales are expected to be in the 750,000 to 950,000 
metric ton (mt) range. On the December chart, the 20-day moving average at 
$4.17 1/4 is support with the next round up at the fresh high of $4.34 1/4.

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday with trade backing off the 
early dime higher level as we try to consolidate after the pullback Tuesday. 
Meal is flat to 1.00 lower and oil is 10 to 20 points lower. Warm and dry 
weather should push harvest further ahead of average with the halfway point 
likely in the rear view for the year with the open weather. South America 
should be able to begin to catch up on planting pace in the near term with 
trade watching weather to see how much moisture levels improve into midmonth. 
Weekly export sales are expected to be in the 700,000 to 900,000 mt range 
Thursday. Rapidly filling storage will likely pressure basis. The November 
chart resistance is at the 20-day moving average at $10.31, which we faded 
through Tuesday, with the lower Bollinger Band at $9.92 as the next level down 
as support.

WHEAT:

   Wheat futures are narrowly mixed with early gains fading a bit as wheat 
continues to consolidate the upper end of the range with KC still holding above 
$6.00 nearby. Warm and dry weather will keep challenging Plains seeding, while 
the Black Sea area is expected to see some moisture relief. Weekly export sales 
are expected to be in the 250,000 to 400,000 mt range. The dollar is just off 
the recent highs with MATIF wheat turning lower after early gains. On the KC 
December chart, support is the 20-day moving average at $5.88, with the fresh 
high at $6.22 the next level up.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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