DTN Midday Grain Comments 10/11 11:34

DTN Midday Grain Comments 10/11 11:34 Soybean, Wheat Futures Lower at Midday; Corn Mixed Corn futures are narrowly mixed at midday Wednesday; soybean futures are 13 to 15 cents lower; wheat futures are 3 to 5 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Wednesday; soybean futures are 13 to 15 cents lower; wheat futures are 3 to 5 cents lower. The U.S. stock market is mixed with the S&P up 2. The U.S. Dollar Index is flat. Interest rate products are firmer. Energies are sharply lower with crude 2.70 lower and natural gas .12 lower. Livestock trade is mixed. Precious metals are mixed with gold 8.00 higher. CORN: Corn futures are narrowly mixed at midday with trade chopping along the lower end of the range again. Spread action is flat as harvest pressure and pre-WASDE report position-squaring continue. On the report, trade is looking for corn yield at 173.6 bushels per acre (bpa) and carryout at 2.156 billion bushels (bb), both down slightly from last month. Ethanol margins will remain rangebound with unleaded finding support and near-term driving demand ticking up. The weekly report is delayed until Thursday. The USDA Crop Progress report showed harvest progress at 34% complete versus 31% on average, with 89% mature versus 85% on average. Corn rated good to excellent was at 53% and 18% poor to very poor, unchanged on the week. Early South American corn sees little change in near-term weather conditions. On the December chart the 20-day moving average at $4.82 7/8 is still support, with the Upper Bollinger Band at $4.95 1/2 as resistance, then the $5.00 area. SOYBEANS: Soybean futures are 13 to 15 cents lower at midday with trade staying in the lower end of the range after giving back late-day strength Tuesday as products continue to struggle. Meal is 1.50 to 2.50 lower and oil is flat to 10 points lower. On the report, trade is looking for bean yield at 49.9 bpa, and carryout at 236 million bushels (mb), with a slightly lower yield and slightly higher carryout. Basis should flatten a bit in the short term with harvest heading for the homestretch and more improvement needed in the river system. South American planting should continue to move forward in the short term for Brazil with showers in some areas likely lighter than desired except for southern Brazil. Weekly crop progress showed harvest at 43% versus 37% on average with 93% dropping leaves versus 87% on average. Soybeans were rated 51% good to excellent, down 1%, and 18% poor to very poor. November chart support is the fresh low at $12.54 1/2, with resistance the 20-day moving average at $12.95. WHEAT: Wheat futures are 3 to 5 cents lower at midday with trade fading back into the lower end of the range. Action is still struggling to push forward after the strong start to the week, but little sustained fresh bullish news to support short-covering. Matif wheat is weaker with the dollar starting to edge lower, but still near the highs. Plains planting progress should move forward with rains expected to pick up over some winter wheat areas. Planting is at 57%, same as average, 29% emerged versus 30% on average. Planting will continue in the Black Sea as bushels continue to move out. On the report, trade is looking for carryout at 651 mb, up about 40 mb from last month. On the KC December chart, the lower Bollinger Band at $6.50 is support with the fresh low at $6.62 above that, which we have held just above Wednesday morning, and the 20-day moving average well above the market; $6.99 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.