DTN Midday Grain Comments 10/06 10:55

DTN Midday Grain Comments 10/06 10:55 Corn, Wheat and Beans Lower at Midday Corn trade is 2 cents to 3 cents lower; beans are 5 cents to 6 cents lower and wheat trade is 2 cents to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P up 25. The dollar index is 20 points lower. Interest-rate products are weaker. Energies are mostly firmer with crude .05 higher and natural gas .12 higher. Livestock trade is mostly higher. Precious metals are firmer with gold 16 higher. CORN: Corn trade is 2 cents to 3 cents lower at midday with trade holding just below the $5 area after the push highs yesterday with flat spread action so far, and harvest pressure likely heading into the weekend. Ethanol margins have narrowed as unleaded has faded to the lower end of the recent range with demand. The daily wire was quiet to close the week after the recent rains. Early 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 at $4.82 1/2 is still supported, with the Upper Bollinger Band at $4.95 3/4 as further resistance which trade is right at midday, then the $5 area. SOYBEANS: Soybean trade is 5 cents to 6 cents lower with trade fading again during the day session with harvest and meal pressure limiting early upside. Meal is 3 to 4 lower and oil is 35 to 45 points higher. The daily wire was quiet to end the week. Basis should flatten a bit short term with harvest slowing and more improvement needed in the river system with recent rains helping a little. South American planting should continue to move forward short-term for Brazil while Argentina is a bit off from starting. November chart support is the fresh low at $12.56 3/4, with resistance to the 20-day at $13.08. WHEAT: Wheat trade is 2 cents to 9 cents lower with trade working to consolidate the stronger action for the week into the weekend with mixed spread action and Chicago leading. Matif wheat is slightly firmer with the dollar fading just off the upper end of the range after the post jobs report test of the highs. Plains planting progress should move forward with cooler and drier conditions short term for the plains, while Australia and the Black Sea have been mostly warm and dry. Black Sea political concerns ramped up a little bit yesterday as well but that hasn't added sustained support lately. On the KC December Chart, the lower Bollinger Band at $6.58 is supported with the fresh low at $6.62 just above that, and the 20-day well above the market $7.08 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.