DTN Midday Grain Comments 10/04 10:54

DTN Midday Grain Comments 10/04 10:54 Corn, Wheat Futures Lower at Midday; Soybeans Higher Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 4 to 5 cents higher; wheat futures are 12 to 14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 4 to 5 cents higher; wheat futures are 12 to 14 cents lower. The U.S. stock market is mixed with the S&P up 10. The U.S. Dollar Index is 20 points lower. Interest rate products are firmer. Energies are mostly lower with crude 3.10 lower and natural gas .06 higher. Livestock trade is mixed. Precious metals are weaker with gold 2.00 lower. CORN: Corn futures are 1 to 2 cents lower at midday with trade still chopping just below the upper end of the range. There is little other fresh news as harvest slows in the short term as rains work through the Western Corn Belt. There is mixed spillover from soybeans and wheat so far Wednesday. Ethanol margins will see some pressure as unleaded has faded to the lower end of the recent range with the weekly report showing flat production and stocks off by 164,000 barrels. The daily export wire reported Mexico buying 196,607 metric tons (mt) split 55/45 old to new crop. Basis should flatten a bit as harvest slows. On the December chart the 20-day moving average at $4.81 1/4 is support with the rebound Monday, with the Upper Bollinger Band at $4.90 3/4 as further resistance. SOYBEANS: Soybean futures are 4 to 5 cents higher with trade fading back from the overnight highs to two-sided action before finding buying back toward midday. Meal is 1.50 to 2.50 higher and oil is 50 to 60 points lower. Basis should flatten a bit in the short term with harvest slowing and more improvement needed in the river system water levels. South American planting should continue to move forward in the short term, while U.S. harvest slows with the rains. November chart support is the fresh low at $12.56 3/4, with resistance the 20-day moving average at $13.16. WHEAT: Wheat futures are 12 to 14 cents lower with momentum easing after the strong start as trade went back to test the recent lows before stabilizing a bit into midday. More bullish news is needed to sustain buying. Matif wheat is weaker with the dollar fading just off the upper end of the range. Plains planting progress should move forward with warm and somewhat wet conditions for some of the Plains, while Australia continues to struggle short term. Little change in the Black Sea situation with bushels still moving out and planting just underway as well. On the KC December chart, the lower Bollinger Band at $6.63 is support with the early weekly strength, and the 20-day moving average well above the market at $7.14 is resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.