DTN Midday Grain Comments 10/22 11:45

DTN Midday Grain Comments 10/22 11:45 Grains Mixed at Midday Trade is mixed across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are higher with the Dow futures up 215 points. The interest rate products are mixed. The dollar index is 100 points higher. Energies are higher with crude up 0.20. Livestock trade is mostly lower. Precious metals are mixed with gold up $1. CORN Corn trade is 1 to 3 cents lower with trade giving back the light early gains with pressure from harvest and the strong dollar. Wetter weather may start to slow harvest in the west over the next few days, but the pace should remain ahead of average. Ethanol margins remain under pressure from the weak trade in energies with futures edging higher this morning. On the nearby December chart support is at $3.72 which is the low reached early in the week, 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, and we tested those areas this morning before turning lower. The weekly export sales were disappointing at 248,000 metric tons. SOYBEANS Soybean trade is 1 to 4 cents lower at midday with spread trade continuing to firm. Meal is flat to $1 lower, and oil is 10 to 20 points lower. 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 with some rains forecasted in the near term. The USDA announced 463,000 metric tons of soybeans sales mostly for the current crop years. The weekly sales were 2.03 million metric tons of beans, 264,400 metric tons of meal, and 24,800 of oil. 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 trade is narrowly mixed at midday despite rains falling in the western belt, and a firmer dollar. U.S.-origin wheat remains at a disadvantage on the world market with Black Sea origin winning most recent tenders, with little improvement in movement expected in the near term. There continues to be some world weather question but not major concerns yet. The weekly export sales remained soft at 357,500 metric tons. On the Kansas City December chart futures are below all major moving averages with the 10-day resistance at $4.90 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.