DTN Midday Grain Comments 10/15 11:25

DTN Midday Grain Comments 10/15 11:25 Grains Mixed at Midday Trade is mixed in quiet trade at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are higher with the Dow futures up 90 points. The interest rate products are higher. The dollar index is 30 points higher. Energies are lower with crude down $1.30. Livestock trade is lower. Precious metals are mixed with gold up $6. CORN Corn trade is 3 cents lower in quiet trade at midday. The weekly ethanol production report showed production down 0.11%, and stocks were .77% higher, while gasoline demand was 2% higher. Ethanol futures are still gaining on unleaded at midday. December ethanol is now 21 cents above unleaded; unleaded has more value in regard to miles per gallon, so blending and ethanol usage economics work against higher prices. The weekly export sales are delayed until Friday due to early week holiday. Harvest should continue to move along at a good clip with warm and open weather. Chart pressure is an issue here to note, if we close lower today this will be the second daily close below all major moving averages which is a negative chart item. Harvest pressure ahead of the harvest weekend could keep our lower trend this week going. On the nearby December chart nearby support is late September low at $3.75. 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 flat to 3 cents higher with some light commercial buying seen this morning. Meal is $2 to $3 higher and oil is 35 to 45 points lower. Harvest should continue to move along quickly with open weather which should allow the rest of harvest pressure to pass. Seasonally once we are past the 50% level of harvest the market can make a low; this has been behind some of the profit taking or short covering this week. The USDA did not announce any further sales this morning, and weekly sales will be delayed until Friday. Opposite of corn, the chart picture is positive for beans although the strength cooled off late yesterday into today. On the November chart the next level of resistance is the 100-day at $9.30 then the 200-day at $9.45, Support is at the late September high of $9.02 that we moved through Tuesday. WHEAT Wheat trade is narrowly mixed in quiet trade at midday. The dollar is a bit firmer this morning but remains near the lower end of the range. U.S. origin remains at a disadvantage on the world market, with Black Sea origin winning the Egyptian tender today, although prices have advanced recently. There continues to be weather questions in Australia and Russia with plenty of times for both crops to recover. Export sales are delayed until Friday. On the Kansas City December chart support is at the 50-day at $4.96. 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.