DTN Midday Grain Comments 10/19 11:30

DTN Midday Grain Comments 10/19 11:30 All Grains Lower at Midday Wheat trade leads grains lower at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are mixed with the Dow futures down 10 points. The interest rate products are mostly higher. The dollar index is 40 points higher. Energies are mostly lower with crude down $1.10. Livestock trade is mostly higher with cattle leading. Precious metals are lower with gold down $13. CORN Corn trade is 2 to 3 cents lower at midday with trade drifting back towards the lows established late last week. Weaker outside markets and harvest pressure are noted for the lower trade. Sagging energy values will keep pressure on ethanol margins and limit discretionary blending and usage. The weekly export inspections were soft at 459,812 metric tons. The weekly progress report should put harvest progress in the 55% complete area. On the nearby December chart nearby support is the $3.72 1/4 low put in this Friday. The 50-day at $3.81 then the 20-day moving average at $3.85 are resistance levels to note. Although the light bounce into the close on Friday gave the bulls some hope, the chart trend remains down, expect sell stops below Friday's low. SOYBEANS Soybean trade is 2 to 3 cents lower at midday with trade drifting back toward support levels. Meal is flat to $1 higher, and oil is 30 to 40 points lower. Harvest should continue to move along quickly on soybeans with the generally open weather with rains in the west later in the week. South American planting should continue to move along as well but there are some early weather concerns. Harvest progress should be 75%, well ahead of normal. Export inspections were very strong at 2.348 million metric tons, and the USDA announced 238,000 metric tons. 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 10-day moving average at $8.96. WHEAT Wheat trade is 4 to 8 cents lower with pressure from the stronger dollar and demand concerns, in addition to rains expected for the western wheat growing areas of the US. US origin remains at a disadvantage on the world market, with Black Sea origin winning the recent tenders. There continues to be weather questions in Australia, and planting concerns in Russia, but the market is not reacting to those at this point. The weekly export inspections were soft at 205,458 metric tons. Planting progress should move past 80%, and emergence past 50% on the weekly report this afternoon. On the Kansas City December chart, trade has fallen through the 50-day support at $4.96 which becomes resistance, with the $4.74 lows as support now. 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.