DTN Midday Grain Comments 10/13 10:58

DTN Midday Grain Comments 10/13 10:58 All Grains Higher at Midday Corn is 2 to 3 cents higher, soybeans are 7 to 8 cents higher, and wheat is flat to 2 cents higher. David M. Fiala DTN Contributing Analyst The U.S. stock market is mixed with the Dow down 75 points. The dollar index is 40 points higher. Interest rate products are higher. Energies are mixed with crude up $0.75. Livestock trade is lower. Precious metals are weaker with gold down $34. CORN Corn trade is 2 to 3 cents higher at midday with trade finding light buying after the Monday weakness to keep action fairly range bound. Harvest progress should continue at a good clip with open weather for most after the Sunday storms brought wind to many. Ethanol margins have found support from the rebound in the energy complex the past week, staying near the upper end of the range overall. Basis should see pressure this week with more bushels coming to town but have held up well so far this month. Weekly export inspections were soft at 632,184 metric tons and 110,000 metric tons hit the daily wire as sold to Mexico, with weekly crop progress keeping harvest ahead of normal when released this afternoon. On the December contract resistance is the fresh high at $3.99 1/4 with support the 20-day at $3.77. SOYBEANS Soybean trade is 7 to 8 cents higher with light buying after the washout with firmer spread trade and lower volatility today. Meal is 1.00 to 2.00 higher and oil is 20 to 30 points higher. The ral remains in the lower end of the range ahead of South American planting with better moisture for Brazil expected this week, while Argentina continues to hold onto supplies. Basis remains strong as we continue to work to max out our logistics capacity to ship the needed export bushels with 2.157 million metric tons expected on the inspection report, along with trade watching to see sales on the daily wire with nothing showing up today. Weekly crop progress should show harvest passed the halfway point and well ahead of normal. The November chart has resistance at the fresh high at 10.79 3/4 with support the 20-day at 10.25. WHEAT Wheat trade is flat to 2 cents higher at midday with trade holding near the recent highs with active trade likely to continue as Northern Hemisphere planting progress gets assessed with the early dry weather. The ruble action continues to favor Russia a bit in the export markets. Kansas City is at a 66-cent discount to Chicago with spreads moving back towards the recent highs, while Minneapolis is back to 52 cent discount with firmer action. Weekly export inspections were ok at 514,086 metric tons, with planting progress moving towards two-thirds complete, with emergence nearing 50%. Kansas City December chart resistance is the fresh high at $5.52 3/4, and support is the old high at $5.15. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2020 DTN, LLC. All rights reserved.