DTN Midday Grain Comments 10/18 11:07

DTN Midday Grain Comments 10/18 11:07 Soybeans Higher at Midday Soybeans are the leader at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow 85 points higher. The interest rate products are lower. The dollar index is 6 points lower. Energies are mixed with crude down $0.05. Livestock trade is mixed. Precious metals are mixed with gold up $5.40. CORN Corn trade is flat to 2 cents higher at midday in fairly quiet action with some light two-sided trade early on with better buying surfacing midmorning. Harvest progress should pick up as warmer weather returns to the Corn Belt, although some areas are focusing on soybeans. Ethanol margins were softer but remain solidly positive. Harvest progress was 46% as of Sunday, Oct. 16, vs. 49% on average, with 97% mature vs. 94% on average with a good chance to catch up to average by next Monday. On the December contract chart, support is now the $3.50 area that was resistance, with the 10-day at $3.47 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 6 to 9 cents higher with trade looking to hold the $9.76 area that we punched through Monday with harvest pressure expected to pick up Tuesday as warmer temps dry the remaining wet beans in the west. Meal is $4.50 to $5.50 higher and oil is 20 to 30 points lower. Harvest progress was pegged at 62% vs 63% on average, with 96% dropping leaves vs. 94%. Better rains are expected for the drier areas of Brazil in the near term to aid early planted acres. USDA announced 706,500 metric tons of soybeans sold to China. USDA export crush was the strongest for September since 2007. On the November soybean chart, support is now the 200-day at $9.76, with the 50-day at $9.70 below that. Resistance is at the $9.90 area that was the recent highs. WHEAT Wheat trade is mixed at midday across the three contracts with the KC contract taking the lead Tuesday morning with some protein spreading returning. The dollar remains at the upper end of the range, with Russia still the cheapest origin for the key importing nations. 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. Weekly crop progress had 72% planted vs. 73% on average, with 47% emerged vs. 45% on average. On the KC December chart, support is the 20-day at $4.12, and the 50-day at $4.20 is resistance, which we are trying to hold above Tuesday morning. 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.