DTN Midday Grain Comments 10/03 11:13

DTN Midday Grain Comments 10/03 11:13 Grains Mixed at Midday Soybeans lead row crops higher, wheat turns lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow down 60 points. The interest rate products are higher. The dollar index is 26 points higher. Energies are mixed with crude down 0.05. Livestock trade is mostly higher at midday in active trade. Precious metals are lower with gold down $2.80. CORN Corn trade is 5 to 8 cents higher at midday with light buying showing up during the day session with support from the soybeans. Ethanol margins should remain positive into this week with futures a touch higher this morning. The weather forecast looks to be wetter for some of the belt this week which should slow the good progress made through the weekend, with harvest progress expected to be near normal with maturity remaining ahead of normal. The weekly export inspections were strong at 1.47 million metric tons. The stocks report had corn stocks at 1.738 billion bushels, just below the average estimate of 1.754 billion on a range of 1.665 to 1.862 billion. On the December contract, chart support is the 10 and 20-day moving average at $3.34 which we moved back above Friday, then the recent low at $3.25. Nearby resistance then $3.45 recent high from this morning which took out the August-September high. SOYBEANS Soybean futures are 11 to 15 cents higher at midday with trade finding support on good commercial demand with harvest pressure to return with open weather to start the week. Meal is $7 to $8 higher, and oil is 20 to 30 points lower. The progress report is expected to keep harvest progress near normal with maturity ahead of normal. The weekly export inspections were strong at 1.1 million metric tons as the pipeline refills. The stocks report had 197 million bushels of beans just below the 201 million average guess, with a range of 180-256 million bushels. November soybean support is at $9.37, the previous the five-month low, then $9.34, our low last week. Resistance is at the $9.60 area where we find both the 10-day and 20-day moving averages, which we are above at midday. WHEAT Wheat trade is 3 to 11 cents lower this morning with Minneapolis holding up the best with active spread trade hurting the winter wheats. The dollar remains fairly rangebound, keeping the world export competitiveness around the same as September was. Any positive fresh export news will limit downside, but we need consistent news to get some demand buying going in the bigger picture. Winter wheat planting progress is expected to just ahead of normal as is emergence. The weekly export inspections remained decent at 641,897 metric tons. The September 1 Wheat stocks came in at 2.527 billion bushels vs. expectations of 2.402 billion bushels on a range 2.115 to 2.558 billion bushels. On the Kansas City December chart support is now the $4.03 low from this morning with $3.95 below that; resistance is at $4.18 which is the 10-day and 20-day moving average. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at dfiala@futuresone.com Follow Fiala on Twitter @davidfiala (BAS) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.