DTN Midday Grain Comments 10/19 10:52

DTN Midday Grain Comments 10/19 10:52 Corn Down, Beans Up and Wheat Mixed Corn trade is 2 cents to 3 cents higher; beans are 2 cents to 4 cents lower and wheat trade is 1 cent lower to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with the S&P off 5 points. The dollar index is 25 points lower. Interest-rate products are mostly weaker. Energies are narrowly mixed. Livestock trade is mostly lower. Precious metals are flat with gold unchanged. CORN: Corn trade is 2 cents to 3 cents higher at midday Thursday with spread action remaining firmer with overall choppy action in the ag space to continue as harvest moves forward. The ethanol margins remain stable with unleaded trying to firm off the lows to boost blender margins. Basis should remain steady short-term with trade needing to be on the back half of harvests to develop broader strength with good progress likely in the next few days. South America has some concerns with some of the nearby weather patterns during the growing season. Weekly export sales improved a bit at 881,300 metric tons of old crops and 10,100 of new with nothing on the daily wire. On the December chart, the 20-day at $4.87 is nearby support with the $4.75 lower Bollinger Band key support. Resistance is at the $4.99 area which represents the recent highs and then the $5.06 2-month high. SOYBEAN: Soybean trade is 2 cents to 4 cents lower with stronger spread action again with meal continuing to lead the product complex while harvest pressure should start to fade further with trade seeing broad two-sided action so far today. Meal is $4 to $5 higher and oil is 110 to 120 points lower. The daily wire was quiet today with weekly sales improving some more at 1.372 million metric tons of old crop, 434,700 of old meal, 2,700 of new and oil at 3,800 metric tons. Harvest should continue to press towards the homestretch with warmer short-term weather before next week's storm system. South America moves forward with trade watching Central Brazil the most for issues as we head towards the bigger part of the growing season. The November soybean chart has support at $12.54 lower Bollinger Band with the 20-day at $12.84 above that with the Upper Bollinger Band at $13.18. WHEAT: Wheat trade is 1 cent lower to 4 cents higher at midday with trade softer for the most part after the strength Wednesday with Chicago continuing to lead on spread action. Plains planting progress should continue at a normal pace with further moisture needed to establish good stands with emergence still lagging a bit and good rains expected for next week. Trade will continue to watch world events with little fresh Black Sea news along with little change to Australian conditions. Matif wheat is a bit softer at midday while the dollar remains at the upper end of the range. Weekly export sales were solid at 632,800 metric tons. On the KC December Chart, support is at the lower Bollinger Band at $6.46 with the 20-day moving average at $6.80 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.