DTN Midday Grain Comments 10/27 10:45

DTN Midday Grain Comments 10/27 10:45 Corn and Beans Higher; Wheat Lower Corn trade is 2 to 3 cents higher; beans are 18 to 20 cents higher and wheat trade is 5 to 13 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the S&P up 15 points. The dollar index is 20 points lower. Interest-rate products are weaker. Energies are firmer with crude up .70 and natural gas up .10. Livestock trade is firmer. Precious metals are mostly lower with gold off 5. CORN: Corn trade is 2 cents to 3 cents higher at midday with light buying and steady to firmer spread action after the lower end of the range held and spillover support comes from soybeans. The ethanol margins should see little change near term with corn and unleaded at the lower end of the range. Basis should remain steady to a little better as weather pauses harvest for much of the belt. South America should see little change in early growing season weather over the next few days with some improvement in Argentina expected to continue. The daily wire was quiet to end the week. On the December chart, the 20-day at $4.89 is nearby resistance after we faded through it early in the week with the $4.77 lower Bollinger Band key support. SOYBEANS: Soybean trade is 18 cents to 20 cents higher at midday Friday with trade again bouncing off support levels with broad product strength so far as November action remains just short of $13. Meal is $14 to $15 higher and 5 to 15 points higher. The daily wire was quiet to end the week. 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 January soybean chart has support at the $12.72 lower Bollinger Band with the 20-day at $13.03 that we are back above overnight, with the Upper Bollinger Band at $13.34 as resistance. WHEAT: Wheat trade is 5 cents to 13 cents lower at midday with trade fading back from the reversal scored yesterday yet again with KC the short leg of the spreads. Wetter weather should have boosted the eastern plains as cold weather moves in. Trade will continue to watch world events with little fresh news from either hemisphere to move the market along with little change to weather there as well. Matif wheat is a tick lower overnight while the dollar is back near the highs. On the KC December Chart, support is at the fresh low at $6.39 3/4 with the 20-day moving average at $6.70 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.