DTN Midday Grain Comments 10/17 11:18

DTN Midday Grain Comments 10/17 11:18 Corn Lower; Beans and Wheat Higher Corn trade is 2 cents lower, beans are 11 cents higher; and wheat trade is a penny higher to a nickel lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the DOW futures up 103 points. The dollar index is 15 points lower. Interest rate products are lower. Energies are lower with crude down 49 cents. Livestock trade is mixed with cattle higher and hogs mostly lower. Precious metals are higher with gold up $8. CORN: Corn trade has been narrowly mixed overnight up to midday Tuesday with futures now 2 cents lower and near the daily low. December corn is sitting about 20 cents above the low printed four weeks ago and 118 cents below the 2-month high. The weekly progress report Monday afternoon had 95% of the corn crop mature vs. the 92% average with 45% harvested vs. the 42% average. The crop ratings were 53% good to excellent with 1% moving from good to excellent. This illustrates that the market should expect a final yield figure fairly close to the October USDA yield estimate of 173. On the December chart, the 20-day at $4.85 is nearby support with the $4.72 lower Bollinger Band key support. Resistance is at $4.99 area representing the recent highs and then the $5.06 two-month high followed by the bigger upside chart resistance point at the 200-day moving average of $5.37 1/2. SOYBEAN: Soybean trade is 11 higher at midday with support from meal up to $8. Bean oil is down 48, giving back some of the gains seen on Monday with follow-through buying and good demand numbers. Outside markets are mixed. The move higher in beans while corn has lagged appears to have triggered some chart spreading buying beans vs. selling corn. The soybean weekly crop progress numbers from the USDA yesterday afternoon showed 97% of the crop dropping leaves vs. 93% on average with 62% harvested vs. a 52% average. The crop ratings were 1% improved to 52% good to excellent. With the weather this week, the soybean harvest should jump to the mid 80% area on the report next Monday with the market believing the harvest low is in. The demand numbers were good yesterday with the weekly soybean export inspections and the NOPA September crush estimate. The November soybean chart has support at the $12.53 lower Bollinger Band, with nearby resistance at the $13 area, the high printed last week, then the 50-day at $13.23, with upper resistance around the late August high around $14.10. If beans can challenge the daily highs and find some short covering, it could push the market above the 50-day to see some more active trade this afternoon near the close. WHEAT: Wheat trade tried to firm up with corn this morning but at midday, wheat is near the lower end of the daily trading range. Chicago is a nickel lower, KC is up 1 cent and Minneapolis is unchanged after trading over a dime higher. It seems like wheat is trying to secure or show a bottom, but we need additional friendly news to make it happen. The weekly export inspections were OK yesterday at 354,771 tons. Plains planting progress should continue at a normal pace with further moisture needed to establish good stands. The weekly progress report had winter wheat plantings at 68% in line with the average pace with 39% emerged vs. the 43% average. We have mixed export and world production news so we view the trade in the lower area of the year as an area we should continue to find support around and find or confirm a bottom. For today the upward momentum stopped having us back in the middle of the recent range. On the KC December Chart, support is at the lower Bollinger Band at $6.46 with the 20-day moving average at $6.89 nearby 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.