DTN Midday Grain Comments 10/10 10:51

DTN Midday Grain Comments 10/10 10:51 Wheat Futures Booming Midday Monday Corn trade is 17 to 19 cents higher; beans are 8 to 10 cents higher and wheat is 52 to 65 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 17 to 19 cents higher; beans are 8 to 10 cents higher and wheat is 52 to 65 cents higher. The U.S. stock market is weaker with the Dow down 100 points. The U.S. Dollar Index is 0.45 higher. Interest rate products are weaker. Energies are narrowly mixed with crude down $0.10, and natural gas is off $0.03. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold $34.00 lower. CORN: Corn trade is 17 to 19 cents higher at midday Monday with broad risk-on trade Monday morning, with potential shipping progress being made in the river systems and intensification of Black Sea attacks in recent days, while harvest should continue to push forward quickly. Outside markets had energies mixed, the dollar firmer and equities lower. Short-term forecasts have the center of the Corn Belt drier with moderating temps to keep harvest moving along into the middle of the month. The export wire will need to show more life soon with nothing in recent days and river issues likely to limit export inspections this week to the 400,000 to 600,000 metric ton range when released Tuesday due of Columbus Day. Weekly crop progress should show harvest close to the five-year average with maturity lagging and conditions steady when released Tuesday. Ethanol margins will likely chop along with softer driving demand and refinery disruptions to keep upside limited for now, but the recent stocks draw down will add support into mid-month. Basis will continue to see harvest and shipping pressure in the middle of the belt while bushels are bid for in the East. On the December chart, trade has pushed above the upper Bollinger Band at $6.98 with the 20-day below that at $6.80. SOYBEANS: Soybean trade is 8 to 10 cents higher at midday with trade fading back from $14.00 on early buying with expectations of better shipping coming forward, oversold conditions offsetting harvest progress and a good early start in South America. Meal is $1.00 to $2.00 higher and oil is flat to 0.10 cent lower. South America has early planting underway with mixed overall conditions and better in Brazil to start, while the U.S. dollar will likely remain a limiting factor short term. Basis will likely see further pressure as shipping issues and rising carry limit the need of processers to be aggressive even with solid crush margins. Weekly export inspections are expected to be the 400,000 to 600,000 metric ton range, with weekly crop progress showing harvest close to the five-year average, with conditions steady when released Tuesday. On the November soybean chart, trade has the 20-day at $14.18 as resistance well above the market, with the lower Bollinger Band at $13.39 as support, which we have held solidly above. WHEAT: Wheat trade is 48 to 66 cents higher at midday with trade snapping back to fresh highs for the move on the weekend developments in the Black Sea area, along with continued dryness in the Plains as planting progresses. The Plains look dry short term, with further planting to continue with emergence likely to struggle in many areas. MATIF wheat scored fresh highs for the move as well on fears of shipping breakdowns coming forward. Weekly export inspections are expected to be in the 400,000 to 600,000 metric ton range. Weekly crop progress is expected to show planting around the five-year average along with emergence for winter wheat when released Tuesday. The KC December chart has support at the 20-day at $9.61, with action moving above the upper Bollinger Band at $10.19 with a fresh high at $10.37. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.