DTN Midday Grain Comments 10/02 11:31

DTN Midday Grain Comments 10/02 11:31 Grains Quiet at Midday Grain trade holding around unchanged at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow futures down 80 points. The interest rate products are mixed. The dollar index is 60 points lower. Energies are lower with crude 0.60 lower. Livestock trade is mixed. Precious metals are mixed with gold down $0.50. CORN Corn trade is narrowly mixed at midday with trade grinding along near the upper end of the recent range. Harvest progress should continue into the weekend, keeping some harvest pressure on. Ethanol margins remain fairly stable in the near term with crude and corn fairly range bound, and ethanol futures edging slightly higher. 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 $3.82, then the $3.57 1/2 contract low. Trade focus will return toward the yield reports going towards the weekend. SOYBEANS Soybean trade is flat to 3 cents lower, migrating back to the middle of the recent range. Meal is flat to $1 lower, and oil is 35 to 45 points higher. Soybean harvest should move fairly quickly this week with early yields remaining fairly strong, keeping supply pressure on the market. The export market was quiet to end the week. Early South American planting will pick up in the near term, with dryness in Northern Brazil for now. 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 which we have edged below at midday. Resistance is at the $9.02 high seen earlier in the week, then the 50-day at $9.11. WHEAT Wheat trade is 1 to 3 cents lower across the three contracts at midday following the lead of the row crops overnight. 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 U.S. origin more expensive on the world export market. With Russian prices rising, the U.S. competition gap could be reduced in the near term, especially if the dollar weakness picks up post jobs report. U.S. winter wheat planting progress should continue to move along at a good clip. On the Kansas City December chart support is at the 10-day at $4.97 and 20-day moving average at $4.89 with resistance at the $5.12 recent 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.