DTN Midday Grain Comments 10/24 10:53

DTN Midday Grain Comments 10/24 10:53 Soybean Up as Corn and Wheat Fall Corn trade is 4 cents to 5 cents lower; beans are 3 cents to 4 cents higher and wheat trade is 8 cents to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P 500 up 25 points. The dollar index is 75 points higher. Interest-rate products are weaker. Energies are weaker with crude off 2.10 and natural gas up .02. Livestock trade is mostly higher with cattle on the upside as the leader. Precious metals are mostly lower with gold off 13. CORN: Corn trade is 4 cents to 5 cents lower at midday Tuesday with trade back to testing nearby support with weaker spread action as harvest moves forward with limited other fresh news to push trade. The ethanol margins should remain fairly stable in the near term with corn and unleaded softer. Basis should remain steady short term with trade improvement likely into the end of the month as harvest slows on the back half with wetter weather coming. South America should see little change in early growing season weather in the next few days with some improvement likely in Argentina. The daily wire saw 117,200 metric tons sold to Mexico. Weekly crop progress showed harvest 59% complete vs. 54% on average. On the December chart, the 20-day at $4.89 is nearby support which we are just below at midday with the $4.78 lower Bollinger Band key support. Resistance is at $5.09 1/2 fresh high scored Friday with the Upper Bollinger band just above current trade at $5.01. SOYBEAN: Soybean trade is 3 cents to 4 cents higher at midday with two-sided action so far with product action still limiting upside with meal leading again and oil scoring fresh lows. Meal is 2 to 3 higher and oil is 55 to 65 points lower. The daily wire was quiet with China noted as signing ceremonial contracts for purchases in Iowa yesterday. Weekly crop progress showed harvest at 76% vs. 67% on average. South America should continue to press forward with planting with most issues confined to northern Brazil at the moment and short-term improvement expected. The November soybean chart supports the $12.54 lower Bollinger Band with the 20-day at $12.85 that we closed just above at midday, with the Upper Bollinger Band at $13.18 as resistance. WHEAT: Wheat trade is 8 cents to 11 cents lower at midday Tuesday with trade fading back to the lower end of the recent range again after the tests of resistance failed yesterday along with negative spillovers from corn and the dollar. Winter wheat planting progress showed 77% planted vs. 78% on average, and 53% emerged the same as average with rains later in the week to benefit the eastern plains. Trade will continue to watch world events with little fresh news from either hemisphere to move the market along with little change to weather. Matif wheat remains weaker while the dollar is back near the highs. On the KC December Chart, support is at the lower Bollinger Band at $6.56 with the 20-day moving average at $6.74 nearby resistance which we failed to hold again yesterday. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.