DTN Midday Grain Comments 10/15 10:50

DTN Midday Grain Comments 10/15 10:50 All Grains Higher at Midday Corn is 4 to 5 cents higher, soybeans are 5 to 6 cents higher, and wheat is 9 to 13 cents higher. David M. Fiala DTN Contributing Analyst The U.S. stock market is weaker with the Dow down 150 points. The dollar index is 45 points higher. Interest rate products are higher. Energies are mixed with crude down $0.85. Livestock trade is mostly lower. Precious metals are mixed with gold flat $1. CORN Corn trade is 4 to 5 cents higher at midday with trade pushing through $4.00 after early two-sided trade. Ethanol margins are narrower with the corn strength and energy weakness, and the weekly ethanol report showed production 14,000 barrels higher, and stocks 336,000 barrels higher. Basis should see pressure this week with more bushels coming in to town but have held up well so far this month. Weekly export sales are delayed until Friday. On the December contract resistance is the fresh high at $4.01 1/4 with support the 20-day at $3.80. SOYBEANS Soybean trade is 7 to 9 cents higher at midday with firm spread action as trade surges back from early 18 cent lower trade with another 261,000 metric tons sold to China. Meal is $5.50 to $6.50 higher and oil is 45 to 45 points lower. 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 limiting meal availability. Basis remains strong as we continue to work to max out our logistics capacity to ship the needed export bushels. The November chart has resistance at the fresh high at 10.79 3/4 with support the 20-day at 10.28. WHEAT Wheat trade is 11 to 17 cents higher at midday with wheat shaking off the dollar surge so far as weather concerns keep fund buying intact. The ruble action continues to favor Russia a bit in the export markets. Kansas City is at a 64-cent discount to Chicago with spreads holding near the recent highs, while Minneapolis is back to 60 cent discount with weaker action. Rains look to be concentrated to the eastern growing areas in the short term. 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.