DTN Midday Grain Comments     10/11 10:38

   Soybean Futures Higher at Midday; Wheat Lower; Corn Mixed

   Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 8 
cents higher; wheat futures are 1 to 3 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 8 
cents higher; wheat futures are 1 to 3 cents lower. The U.S. stock market is 
firmer at midday with the S&P 30 points higher. The U.S. Dollar Index is 10 
points lower. The interest rate products are mixed. Energy trade has crude and 
natural gas narrowly mixed. Livestock trade is mixed. Precious metals are 
firmer with gold up 34.00.

CORN:

   Corn futures are narrowly mixed in quiet pre-report action with trade 
continuing to hold nearby support in position squaring. Ethanol margins should 
hold the recent range as unleaded holds the recent rebound to boost blenders. 
On the WASDE report, trade is looking for yields down slightly at 183.3 bushels 
per acre (bpa) with carryout at 1.944 billion bushels (bb) versus 2.044 bb last 
month. Weather looks to keep harvest moving ahead as we get closer to the 
halfway point nationally. Basis action should drift lower as incoming bushels 
accumulate. The daily export wire saw 577,928 metric tons (mt) of corn received 
by unknown. On the December chart, the 20-day moving average at $4.18 is 
support with the next round up at the fresh high at $4.34 1/4.

SOYBEANS:

   Soybean futures are 6 to 8 cents higher at midday with trade seeing light 
short-covering in pre-report action as we hold the lower end of the recent 
range. Meal is 2.50 to 3.50 higher and oil is 40 to 50 points higher. Warm and 
dry weather should keep pushing harvest further ahead of average. South America 
should be able to being to catch up on planting pace in the near term with 
trade watching weather to see how much moisture levels improve into midmonth. 
On the WASDE report, trade is looking for yields at 53.0 bpa versus 53.2 bpa 
last month and carryout at 547 million bushels (mb) versus 550 mb last month. 
The daily wire saw 132,000 mt sold to unknown. Harvest pace will continue to 
pressure basis in the short term. The November chart resistance is at the 
20-day moving average at $10.32, with the lower Bollinger Band at $9.94 as the 
next level down as support.

WHEAT:

   Wheat futures are 1 to 3 cents lower at midday with trade needing another 
bullish spark to extend the range higher as the recent rally slows. On the 
report, trade is looking for carryout at 819 mb versus 828 mb last month. Warm 
and dry weather will keep challenging Plains seeding, while the Black Sea area 
is expected to see some moisture relief into midmonth with planting behind 
pace. The dollar remains at the top of the recent range with MATIF wheat 
slightly lower as well. On the KC December chart, support is the 20-day moving 
average at $5.90, 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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