DTN Midday Grain Comments 10/27 11:14

DTN Midday Grain Comments 10/27 11:14 Grains Mixed at Midday Trade is mixed at midday with rangebound trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock markets are lower with the Dow futures down 10 points. The interest rate products are lower. The dollar index is 4 points higher. Energies are lower with crude down 0.90. Livestock trade is lower. Precious metals are mixed with gold down $0.30. CORN Corn trade is 1 to 3 cents lower at midday with trade seeing some light selling during the day session. Spread trade has faded a bit during the day trade. Ethanol margins look stable with ethanol up with corn down slightly today. Blenders still looking at a negative picture using more ethanol with ethanol futures edging higher versus unleaded. Ethanol bulls are counting on good overall gasoline usage tied to the cheaper overall gasoline price. Some rains may slow the last of harvest this week. Harvest progress was 75% complete, 7 percentage points ahead of average, and 31% ahead of a year ago. On the December chart support is at the 10-day moving average at $3.79. We are just below the 20-day moving average at $3.84, with the next level of resistance the 100-day at #3.89. SOYBEANS Soybean trade is 5 to 9 cents higher at midday with commercial buying again supporting the trade, while improved South America weather and world oil seed price weakness should limit rallies. Meal is $3 to $4 higher and oil is narrowly mixed. South America should continue to make planting progress, while US harvest progress was 87% complete 7% ahead of the average pace. The streak of export sales announcements was broken this morning, but commercial buying seems to indicate business is getting done. On the November chart support is at the $8.85 50-day where we finished yesterday. Resistance is at $9, then the $9.19 3/4 high reached on the 14th. WHEAT Wheat trade is narrowly mixed at midday with trade struggling to build on the beginning of the week gains. The dollar remains in the upper end of the range but has softened to start the week. Cold weather concerns are around in Russia and South America, while Australia remains hot and dry. Planting progress was 83% complete, 2% behind average, emergence was 62% same as average, with conditions 47% good to excellent, and 14% poor to very poor, slightly worse than expected. On the Kansas City December chart futures have moved above the lowest moving average, the 10-day at $4.84 which is now first support then the $4.65 contract low. Resistance is at the $4.95 20-day then the $5.21 early October high. 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.