DTN Midday Grain Comments 10/13 11:14

DTN Midday Grain Comments 10/13 11:14 Grains Mostly Higher at Midday Soybeans and wheat are the leaders at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are mixed with the Dow futures up 5 points. The interest rate products are lower. The dollar index is unchanged. Energies are mixed with crude up $0.60. Livestock trade is mixed. Precious metals are mixed with gold flat. CORN Corn trade is flat to 2 cents higher in quiet midday trade. The weekly export inspections were a bit soft at 573,298 metric tons. The weekly progress numbers should show harvest progress pushing past 40% complete when released this afternoon. Ethanol margins are mostly sideways with ethanol values down slightly along with corn, but not slipping along with unleaded gas. Ethanol prices are running 18 cents a gallon over unleaded on the November futures; this should lower ethanol discretionary blending and use if reflected at the pump. On the nearby December chart nearby support is 50% retracement of the recent move at $3.80, then the $3.75 late September low. The 20-day moving average at $3.86 is resistance then the $3.99 3/4 2-month high printed last week. SOYBEANS Soybean trade is 15 to 18 cents higher at midday, with commercial buying pushing the November contract through the $9.00 area. Meal is $6 to $7 higher, and oil is 50 to 60 points higher. The weekly export inspections were very strong at the 1.83 million metric tons. The weekly crop progress report should show harvest past 55% complete. The weather looks fairly open in the near term and should keep harvest moving at a fairly rapid pace. On the November chart the contract low at $8.53 1/4 is long term support with the 20-day moving average at $8.80 nearby support. Upside resistance is at the $8.95 50-day then the $9.02 recent high, which we are above at midday. WHEAT Wheat trade is 5 to 8 cents higher across the three contracts at midday with wheat finding good buying early on and following the lead of the soybeans. The dollar has shown more weakness lately, which could improve buying interest buy ample world supplies will limit rallies. There continues to be weather questions in Australia and Russia with plenty of times for both crops to recover. The planting progress should continue to run in line with average when released tomorrow due to the dryer weather this past week. Weekly export inspections were soft at 290,717 metric tons. On the Kansas City December chart support is at the 50-day moving average at $4.95. Resistance is at the $5.20 seven-week high reached last Wednesday then the $5.32 100-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.