DTN Midday Grain Comments 10/14 11:34

DTN Midday Grain Comments 10/14 11:34 Corn, Wheat Lower at Midday Trade is mostly lower at midday in slow trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow futures down 100 points. The interest rate products are lower. The dollar index is 50 lower. Energies are mixed with crude down $0.30. Livestock trade is mostly lower. Precious metals are higher with gold up $12. CORN Corn trade is 4 cents lower with trade seeing hedge pressure during the early going today. The weekly progress numbers showed harvest progress at 42% vs. 43% on average, maturity was 94% vs. 91% on average. Ethanol margins should remain sideways into midweek with the weekly report delayed until Thursday because of the holiday on Monday. Ethanol futures are slightly lower at midday. On the nearby December chart nearby support is 50% retracement of the recent move at $3.80 which we were able to hold yesterday and this morning, 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 narrowly mixed with two-sided trade so far. Meal is flat to $1 lower, and oil is 15 to 25 points higher. Commercial buying continues to support the market in the front months. The weekly crop progress report pegged harvest at 62% vs. 54% on average, which shows how fast harvest has been able to move recently. The USDA also announced a 235,000-metric-ton sale to China. On the November chart the next level of resistance becomes the 200-day at $9.45, and support is the $9.02 level that we moved through yesterday. WHEAT Wheat trade is 8 to 11 cents lower across the three contracts at midday with trade giving back the prior days' gains yet again. The dollar has shown more weakness lately, which could improve buying interest but ample world supplies will limit rallies with the U.S. still uncompetitive on the export market. There continues to be weather questions in Australia and Russia with plenty of time for both crops to recover. The planting progress showed 64% planted vs. 66% on average, with emergence at 33% emerged vs. 36% on average. On the Kansas City December chart support is at the 10-day moving average at $5.06, with the 50-day at $4.96 below that. Resistance is at the $5.20 7-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.