DTN Midday Grain Comments 10/05 11:02

DTN Midday Grain Comments 10/05 11:02 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 6 to 7 cents higher at midday Thursday; soybean futures are 1 to 2 cents lower; wheat futures are 17 to 24 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 6 to 7 cents higher at midday Thursday; soybean futures are 1 to 2 cents lower; wheat futures are 17 to 24 cents higher. 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 6 to 7 cents higher at midday with trade pushing back into the top of the recent range and nearby resistance levels with spillover support from wheat. Ethanol margins have narrowed as unleaded has faded to the lower end of the recent range with demand. Weekly export sales of corn were strong at 1.82 million metric tons (mmt) of old crop and 611,400 mt of new. South American corn is facing some challenging conditions in Southern Brazil and Argentina early in the growing season. On the December chart the 20-day moving average at $4.81 1/4 is still support, with the Upper Bollinger Band at $4.90 3/4 as further resistance, which trade is testing at midday. SOYBEANS: Soybean futures are 1 to 2 cents lower with action coming back off the lower end of the range with spillover support from corn and wheat with meal trying to find some buying. Meal is 1.50 to 2.50 higher and oil is 55 to 65 points lower. Weekly export sales of soybeans improved slightly at 808,500 metric tons (mt), 23,400 mt of old meal, 348,100 mt of new meal, and 800 combined of oil. Basis should flatten a bit in the short term with harvest slowing and more improvement needed in the river system. South American planting should continue to move forward in the short term, while U.S. harvest slowed with the rains but should pick up again into the weekend. November chart support is the fresh low at $12.56 3/4, with resistance the 20-day moving average at $13.12. WHEAT: Wheat futures are 17 to 24 cents higher at midday with broader buying during the day session as we regain short-term momentum after the Wednesday pullback. Matif wheat is slightly firmer with the dollar fading just off the upper end of the range. Plains planting progress should move forward with cooler and drier conditions in the short term, while Australia continues to struggle. Little change in the Black Sea situation is seen with bushels still moving out and planting just underway as well. Weekly export sales of wheat were disappointing at 273,100 mt. On the KC December chart, the lower Bollinger Band at $6.57 is support with the fresh low at $6.62 just above that, and the 20-day moving average well above the market at $7.10 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.