DTN Midday Grain Comments 10/26 10:51

DTN Midday Grain Comments 10/26 10:51 Corn, Soybean Futures Lower at Midday; Wheat Higher Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 8 to 10 cents lower; wheat futures are 3 to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 8 to 10 cents lower; wheat futures are 3 to 5 cents higher. The U.S. stock market is weaker with the S&P off 30 points. The U.S. Dollar Index is 30 points higher. Interest rate products are firmer. Energies are mixed with crude off 1.50 and natural gas up .03. Livestock trade is mixed. Precious metals are mostly lower with gold off 8.00. CORN: Corn futures are 1 to 2 cents lower at midday with two-sided action as we continue to grind along the lower end of the range. Ethanol margins should remain fairly stable in the near term with corn and unleaded weakness. Basis should remain steady in the short term with trade improvement likely into the end of the month as harvest slows into the weekend with wetter weather coming. South America should see little change in early growing season weather the next few days with some improvement in Argentina expected to continue. Weekly export sales were solidly improved at 1.351 million metric tons (mmt). On the December chart, the 20-day moving average at $4.89 is nearby resistance after we faded through it with the $4.76 lower Bollinger Band key support. SOYBEANS: Soybean futures are 8 to 10 cents lower at midday with trade giving back early strength as product weakness picks up again with oil fading along with meal coming off the highs. Meal is .50 to 1.50 lower and oil is 70 to 90 points lower. The daily export wire reported 110,000 metric tons (mt) sold to China with weekly sales strong at 1.378 mmt, meal at 507,500 and -200 of oil. South America should continue to press forward with planting with most issues confined to northern Brazil at the moment and short-term improvement expected as we head further into the growing season. The November soybean chart has support at the $12.54 lower Bollinger Band with the 20-day moving average at $12.84, which we are just below at midday, and the Upper Bollinger Band at $13.14 as resistance. WHEAT: Wheat futures are 3 to 5 cents higher at midday with trade working to bounce off the lower end of the range again with two-sided action likely to continue through the day session with the dollar strength limiting upside. Wetter weather should aid much of the eastern Plains soon, as planting winds down. Trade will continue to watch world events with little fresh news from either hemisphere to move the market along with little change to weather as well. Matif wheat is firmer at midday while the dollar is back near the highs. Weekly export sales were softer at 363,700 mt. On the KC December chart, support is at the fresh low of $6.44 with the 20-day moving average at $6.70 as resistance, which we failed to hold above again Monday. David Fiala can be reached at dfiala@futuresone.com Follow him on X, formerly Twitter, @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.