DTN Midday Grain Comments 10/14 11:03

DTN Midday Grain Comments 10/14 11:03 Corn, Beans Higher at Midday Corn is 1 to 2 cents higher, soybeans are 7 to 9 cents higher, and wheat is flat to 4 cents lower. David M. Fiala DTN Contributing Analyst The U.S. stock market is flat with the Dow down 25 points. The dollar index is 25 points lower. Interest rate products are higher. Energies are mixed with crude up $0.70. Livestock trade is mixed. Precious metals are firmer with gold up $21. CORN Corn trade is 1 to 2 cents higher at midday with choppy action ongoing as we consolidate around the $3.90 area with continued harvest progress expected this week. Ethanol margins have found support from the rebound in the energy complex the past week, staying near the upper end of the range overall with ethanol holding a solid premium to unleaded. Basis should see pressure this week with more bushels coming in to town but have held up well so far this month. Further sales on the daily wire on 420,000 metric tons to China helped to keep export pace up with weekly crop progress showing harvest at 41% complete vs. 32% on average. On the December contract resistance is the fresh high at $3.99 1/4 with support the 20-day at $3.78. SOYBEANS Soybean trade is 7 to 9 cents higher at midday with light buying ongoing after the Tuesday bounceback with spread trade firmer this a.m. along with fresh sales of 264,000 metric tons to China. Meal is $4.50 to $5.50 higher and oil is 15 to 25 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 on the inspection report. Weekly crop progress showed harvest at 61% complete vs. 42% on average. The November chart has resistance at the fresh high at 10.79 3/4 with support the 20-day at 10.27. WHEAT Wheat trade is flat to 4 cents lower with spring wheat trade showing the most support as we fade a bit with overbought conditions and no major surprises on the progress report. The ruble action continues to favor Russia a bit in the export markets. Kansas City is at a 63-cent discount to Chicago with spreads holding near the recent highs, while Minneapolis is back to 53 cent discount with firmer action. Weekly export inspections were ok at 514,086 metric tons, with planting progress at 68% vs. 61% on average, and emergence at 41% vs. 35%. 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.