DTN Midday Grain Comments 10/01 11:06

DTN Midday Grain Comments 10/01 11:06 Grains Mixed at Midday Corn and wheat are higher at midday, while soybeans lag. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow futures down 105 points. The interest rate products are mixed. The dollar index is 30 points lower. Energies are higher with crude 0.55 higher. Livestock trade is mixed. Precious metals are mixed with gold down $.50. CORN Corn trade is 2 to 4 cents higher in quiet midday trade with two-sided trade so far. Follow through response to the report yesterday has been muted. Ethanol margins remain fairly stable in the near term with crude and corn fairly range bound. The weekly export sales were decent at 748,200 metric tons. On the nearby December chart resistance is the 100-day at $3.89, which we have been able to move above, but not hold above so far, just ahead of the $3.95 September high which is next chart resistance then the 200-day at 3.99 after that. Support is at the 20-day moving average at $3.81, then the $3.57 1/2 contract low. Trade focus will return toward the yield reports going towards the weekend. SOYBEANS Soybean trade is 5 to 8 lower at midday, after testing the $9.00 area early on. Meal is $3 to $4 lower at midday, and oil is 15 to 25 points higher. Soybean harvest should move fairly quickly this week with early yields remaining fairly strong, keeping supply pressure on the market. The USDA will issue a soybean crush report today, it should be in line with the NOPA numbers. The USDA announces 120,000 metric tons of soybeans sold to China. The weekly export sales were strong at 2.5 million metric tons, 246,600 of meal, and 32,500 of oil. On the November chart the contract low at $8.53 1/4 is long-term support with the 20-day moving average at $8.77 nearby support. Resistance is at the $9.02 high seen yesterday, then the 50-day at $9.11. WHEAT Wheat trade is 4 to 8 cents higher across the three contracts at miday with light buying after the friendly wheat stocks report. The stocks report came in at 2.089 billion bushels vs. expectations of 2.149 billion bushels on a range of 1.987 to 2.285 billion bushels. Concerns over dry planting conditions in Ukraine and Russia have limited selling interest on breaks; while the dollar continues to chop in the upper end of the range keep US origin more expensive on the world export market. Much of Kansas could get a boost in moisture this week. The weekly export sales were disappointing at 77,100 metric tons. On the Kansas City December chart support is at the 10-day at $4.92 and 20-day moving average at $4.86 with resistance at the $506 3/4 recent September high then the $5.35 100-day moving average. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered trading adviser. David Fiala can be reached at dfiala@futuresone.com Follow David Fiala on Twitter @davidfiala (BAS) Copyright 2015 DTN/The Progressive Farmer. All rights reserved.