DTN Midday Grain Comments 10/20 11:17

DTN Midday Grain Comments 10/20 11:17 Corn Futures Mixed at Midday; Soybeans Lower; Wheat Higher 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 45 points. The dollar index is 10 points lower. Interest rate products are firmer. Energies are firmer. Livestock trade is mostly lower. Precious metals are firmer with gold up 28. CORN: Corn trade is narrowly mixed at midday Friday with trade fading back from fresh highs for the move with weaker spread action with harvest pressure likely into the close. The ethanol margins remain stable with unleaded trying to firm off the lows to boost blender margins into the lows. Basis should remain steady in the 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 before next week's system moves through. South America has some concerns with some of the nearby weather patterns into the growing season. The daily wire was quiet to end the week. On the December chart, the 20-day at $4.89 is nearby support with the $4.75 lower Bollinger Band key support. Resistance is at $5.09 1/2 fresh high scored this morning with the Upper Bollinger band just below current trade at $5.04. SOYBEAN: Soybean trade is 1 cent to 2 cents lower at midday with trade still working to consolidate above $13 with the momentum in meal action slowing and continued harvest pressure likely into the weekend with spread action softening after early strength. Meal is $2.50 to $3.50 lower and oil is 85 to 95 points higher. The daily wire was quiet to finish the week. Harvest should continue to press towards the homestretch with warmer short-term weather likely to push us close to 80% complete by the time the rains arrive, while 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 the $12.54 lower Bollinger Band with the 20-day at $12.86 above that, with the Upper Bollinger Band at $13.21 as resistance. WHEAT: Wheat trade is 5 cents to 10 cents higher at midday with KC leading action with trade working to consolidate the midweek gains to close the week with talk of better demand and continued poor weather in the Southern Hemisphere adding support. 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 while Australia continues to decline along with Brazil acres. Matif wheat is firmer this morning while the dollar remains at the upper end of the range. On the KC December Chart, support is at the lower Bollinger Band at $6.52 with the 20-day moving average at $6.80 nearby resistance which we are testing at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.