DTN Midday Grain Comments     10/14 10:48

   Midday Wednesday: Corn, Soybeans and Wheat All Lower

   Corn futures are 4 to 5 cents lower at midday, soybeans are 9 to 11 cents 
lower, and wheat futures are 5 to 8 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday, soybeans are 9 to 11 cents 
lower, and wheat futures are 5 to 8 cents lower. The U.S. stock market is 
weaker at midday with the S&P 65 points lower. The dollar index is 72 points 
higher. The interest rate products are weaker. Energy trade is mixed with crude 
.70 higher and natural gas .08 cents lower. Livestock trade is broadly weaker. 
Precious metals are sharply lower with gold off 65.

CORN:

   Corn futures are 4 to 5 cents lower at midday with trade drifting along the 
recent range with harvest continuing to catch up short term with the post 
report lows still holding. Ethanol margins remain strong short term with the 
weekly report delayed until tomorrow.

   The daily export wire was quiet Wednesday. Weather looks to slow some 
western and central harvest through midweek as rains return with the weekly 
report showing harvest at 33% vs. 39% on average with good to excellent at 
56%(+2) and poor to very poor at 17%(-1). Basis will likely see a bit of 
pressure as harvest continues. On the December chart the 20-day at $5.10 is 
resistance with the fresh low at $4.70 1/4 being support.

SOYBEANS:

   Soybeans are 9 to 11 cents lower at midday with trade washing back towards 
the lows after early strength with harvest pressure and negative outside 
markets. Meal is 4 to 5 lower and oil is 90 to 100 points lower. Harvest maybe 
slowed a bit with short-term rains in the central and west expected with the 
weekly report showing 46% harvested vs. 50% on average with good to excellent 
steady at 57% good to excellent and 14% poor to very poor. The daily export 
wire was quiet again. Basis should see maximum harvest pressure soon. On the 
November contract chart resistance is the 20-day at 12.97 where we find the 
20-day moving average with the Lower Bollinger Band at 12.71 which we bounced 
from Friday.

WHEAT:

   Wheat futures are 5 to 8 cents lower at midday with choppy action continuing 
as the dollar firms back towards recent highs and row crops continue to drag a 
little on action. Drier weather should help wheat drilling catch up for much of 
the Plains 51% planted vs. 58% on average with 27% emerged vs. 32% on average. 
Matif wheat is firmer with Euro corn continuing to gain as well with extra 
support from the weaker Euro/Stronger dollar. On the KC December chart 
resistance is the 20-day at $7.48 with the fresh low at $7.05 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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