DTN Midday Grain Comments 10/17 11:10

DTN Midday Grain Comments 10/17 11:10 Wheat, Soybeans Higher at Midday Soybeans lead mixed action at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow 35 points lower. The interest rate products are lower. The dollar index is 8 points lower. Energies are lower with crude down 0.65. Livestock trade is higher for cattle, and hogs are lower. Precious metals are mixed with gold up $1.80. CORN Corn trade is 1 to 2 cents lower at midday with light two-sided trade to start the week with harvest pressure returning during the day session. Harvest progress should pick up as warmer weather returns to the corn belt with some moisture limiting things in localized areas, which should keep pressure on the basis as more bushels come in. Ethanol margins are soft this morning but remain positive. The weekly export inspections were a bit softer at 875,808 metric tons, and harvest progress is expected to remain just behind normal. On the December contract chart support is now the $3.50 area that was resistance, with the 10-day at $3.45 below that, and the longer term level of resistance is the 200-day at $3.73, with the $3.58 area that held the first level above the market. SOYBEANS Soybean trade is 7 to 10 cents higher at midday with trade moving back to challenge resistance, with trade really struggling with this area in recent days. Meal is flat to $1 higher, and oil is 75 to 85 points higher. Harvest pressure should linger this week, with some localized disruptions as progress should remain just behind normal. Export inspections were exceptionally strong at 2.508 million metric tons. On the November soybean chart support is at the $9.58-9.60 area of the 10-day and 20-day moving average. Resistance is at the $9.75 200-day moving average, which has stopped the last few rallies and held this morning. WHEAT Wheat trade is flat to 3 cents higher at midday across the three contracts with light two-sided trade overnight with spread trade pretty quiet to open the week. The drought monitor has shown expansion of moisture deficits in much of the winter wheat growing areas, with soft wheat areas showing the most issue so far with better rains expected in the near term. The various protein spreads are expected to remain active in the near term, with Minneapolis losing ground late last week. Weekly crop progress is expected to show planting and emergence near normal, with export inspections OK at 450,613-metric-ton range. On the Kansas City December chart support is the 20-day at $4.12, and the 50-day at $4.20 is resistance, which we are challenging at midday. 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.