DTN Midday Grain Comments 10/21 11:34

DTN Midday Grain Comments 10/21 11:34 Corn, Beans Trending Higher at Midday Row crop trade is higher at midday, wheat flat to lower with sideways momentum. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mostly lower with the DOW 90 points lower. The interest rate products are mostly lower. The dollar index is 40 points higher. Energies are mixed with crude down .20. Livestock trade is firm with cattle sharply higher. Precious metals are lower with gold down $.60. CORN Corn trade is 1 to 2 cents higher at midday with light end user buying; overall we have a very slow session so far with only a 3 cent trading range. December futures held at support, the $3.50 level, after the down day yesterday which market longs are happy about. Ethanol margins should remain stable and positive going into the weekend, with basis pressure from harvest adding a boost in some areas, along with ethanol futures edging higher this morning. The weather forecast may bring a slower pace in the near term if some of the rains materialize. On the December contract chart support is at $3.50 with the 10-day at $3.49 below there. Resistance is at the $3.59 1/4 a 3-month high printed yesterday than the $3.63 100-day followed by the 200-day at $3.73. Expect sizeable sell stops below the $3.49-50 area if we see any pressure this afternoon. SOYBEANS Soybean trade is 3 to 8 cents higher at midday with trade trying to consolidate above the $9.78 area of the 200-day moving average going into the weekend. Meal is $2 to $3 higher and oil is 5 to 15 points higher. Harvest pressure should continue into the weekend but remaining acres could be slowed a bit after that. Basis will remain soft into the weekend, but next week the pressure should start to fade with harvest in the home stretch. Brazilian weather has improved as planting progresses. On the November soybean chart support is the $9.70 50-day, then the $9.59 20-day. Resistance is at the $9.89 3/4 high reached earlier then $10, then the 100-day up at $10.25. WHEAT Wheat trade is 1 to 4 cents lower with firmer row crops trade and the stronger dollar at the end of the week, along with a slightly better chart picture. The dollar made five-month highs today, with Russia still the cheapest origin for the key importing nations, although the U.S. did find some business on the daily wire yesterday. Weather concerns may build with the reduced acreage in the U.S., and dry weather at emergence for a chunk of the western belt but the extended forecast offers some hope for rain as above-normal temperatures continue. On the Kansas City December chart, support is the 50-day at $4.19 then the 20-day at $4.13. Resistance is at the $4.29 upper Bollinger Band then the August $4.49 3/4 high. 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.