DTN Midday Grain Comments 10/09 10:47

DTN Midday Grain Comments 10/09 10:47 Corn and beans lower, wheat higher at midday Corn trade is 3 cents to 4 cents lower, beans are 4 cents to 5 cents lower and wheat trade is 2 cents to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with the S&P 500 off 10. The dollar index is 20 points higher. Interest rate products are firmer. Energies are firmer with crude 3.50 higher and natural gas .04 higher. Livestock trade is weaker. Precious metals are firmer with gold 21.00 higher. CORN: Corn trade is 3 cents to 4 cents lower at midday, near the session lows after the early overnight strength after the weekend events faded. Ethanol margins should find some support on the blending end to start the week with the bounce in unleaded values and driving demand firming short term. The daily wire will be quiet to start the week with the federal holiday today and harvest progress and export inspections delayed until tomorrow. Early South American corn sees little change in near-term weather conditions. On the December chart, the 20-day at $4.82 1/2 is still support with the Upper Bollinger Band at $4.94 3/4 as further resistance which we closed just below, then the $5 area. SOYBEANS: Soybean trade is 4 cents to 5 cents lower with early strength fading again with oil continuing to limit the upside on the product complex while meal finds a little support and harvest pressure continues. Meal is 1 to 2 higher and oil is 100 to 120 points lower. Basis should flatten a bit short-term with harvest slowing and more improvement needed in the river system. Expected rain is likely to help more in the near-term but further improvement will be needed. South American planting should continue to move forward short-term for Brazil with showers in some areas likely lighter than desired while Argentina is a bit off from starting. November chart support is the fresh low at $12.56 3/4, with resistance for the 20-day average at $13.03. WHEAT: Wheat trade is 2 cents to 9 cents higher at midday with trade still fairly range-bound with some risk premium coming back into the market amidst mixed world weather and port attacks again in the Black Sea on top of the Middle East flare-ups. Matif wheat is firmer with the dollar just off the highs. Plains planting progress should move forward with rains expected to pick up over some winter wheat areas with planting likely near the five-year average tomorrow. Black Sea events haven't provided sustained support lately but a risk-off environment will likely provide broader short covering as funds protect profits. On the KC December Chart, the lower Bollinger Band at $6.58 is support with the fresh low at $6.62 just above that, and the 20-day well above the market at $7.06 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.