DTN Midday Grain Comments 10/24 11:44

DTN Midday Grain Comments 10/24 11:44 Soybeans Lower at Midday Corn and wheat is near unchanged, soybeans weaker at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is sharply higher this morning with the Dow up 185 points. The interest rate products are lower. The dollar index is 2 lower. Energies are higher with crude up $0.20. Livestock trade is sharply higher for cattle, higher for hogs. Precious metals are mixed with gold down $4.50. CORN Corn trade is narrowly mixed at midday with fairly quiet action overall with the $3.50 area remaining a magnet for the market. Ethanol futures are slightly lower with the flat energy complex this morning. Basis should see harvest pressure while carry remains at wide levels due to historically large supplies with slightly firmer action this morning. Weather looks to remain open for the west with rains moving back into the center of the country that should help our harvest pace catch up. The weekly progress report had 96% of the crop mature, 1 percentage point behind average, with harvested at 38%, 21 Soybeans Lower at Midday SOYBEANS Soybean trade is 3 to 7 cents lower at midday with trade moving back the $9.75 support area yet again. Meal is $1 to $2 lower and oil is 10 to 20 points lower. South American weather is expected to ease the drier areas in next 7-14 days as planting progresses. The weekly crop progress had 97% dropping leaves, same as average, and 70% harvested 3 percentage points behind average. Ratings are no longer provided. The bear market argument was futures around $10 price in friendly export demand. Soybean basis has remained mostly steady with carry slightly wider this morning. The daily export wire has been quiet this week, raising some demand concerns. On the November chart, trade is above all the major moving averages, with the 200-day at $9.75 support and resistance at the recent high of $10.03. WHEAT Wheat trade is narrowly mixed at midday with trade holding gains from yesterday, yet they are unable to extend action. The dollar remains in the upper end of the recent range with the rally stalling today. U.S. exports have been slowed lately as Black Sea origin continues to dominate world movement, albeit with rising values there. The Southern Hemisphere crop will continued to be watched with drier weather replacing floods in South America near term. The winter wheat planting progress was noted at 75%, 5 percentage points behind average, with emergence at 52%, 5 percentage points behind the average. The weekly export inspections were low this morning at 169,750 metric tons. On the December Kansas City support is at the $4.20 low with resistance the 50-day at $4.39. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.