DTN Midday Grain Comments 10/21 11:01

DTN Midday Grain Comments 10/21 11:01 Grains Somewhat Higher at Midday Soybean trade leads grains higher at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are mixed with the Dow futures up 70 points. The interest rate products are lower. The dollar index is 2 points lower. Energies are mixed with crude down 0.70. Livestock trade is mostly lower. Precious metals are lower with gold down $13. CORN Corn trade is flat to 2 cents higher with some light bull spreading seen this morning. The weekly ethanol production report showed production 2,000 barrels a day higher, and stocks were down 100,000 barrels. Ethanol futures have edged slightly higher, but the weaker energy prices are crimping margins. Wetter weather may start to slow harvest in the west over the next few days, but the pace should remain ahead of average. On the nearby December chart support is at $3.72 which is the low reached yesterday, then the $3.60 1/2 early September low. The 50-day at $3.81 then the 20-day moving average at $3.85 is resistance levels to note. SOYBEANS Soybean trade is 3 to 7 cents higher at midday with commercial buying still supporting the trade. Meal is flat to $1 lower and oil is 50 to 60 points higher. Chinese economic concerns continue to limit buying enthusiasm, and the rapid harvest progress as the market well supplied in the near term. Rains should slow harvest, but less than 20% of the crop likely remains out in the field at this point. Trade will continue to watch planting progress in South America, as well as rain potential. The USDA announced two 20,000 metric ton soyoil sales to China and unknown. On the November chart support is at the $8.89 50-day then the $8.86 20-day with resistance at the $9.19 3/4 high reached last week. WHEAT Wheat trade is 3 to 6 cents higher in quiet trade at midday with support coming from the weaker dollar and firmer row crop trade. Expected better rains for the western plains will limit upside the rest of the week with some stress in western Kansas already. Also U.S.-origin wheat remains at a disadvantage on the world market with Black Sea origin winning most 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 juncture. On the Kansas City December chart futures are below all major moving averages with the 50-day resistance at $4.93 the lowest major moving average. Support is at the $4.65 contract low. 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.