DTN Midday Grain Comments 10/30 10:52

DTN Midday Grain Comments 10/30 10:52 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 firmer with the S&P up 25 points. The dollar index is 40 points lower. Interest-rate products are weaker. Energies are weaker with crude down 3 and natural gas off .15. Livestock trade is firmer. Precious metals are firmer with gold up 9. CORN: Corn trade is flat to a penny lower to start the week with action staying at the lower end of the recent range with little fresh news so far to drive trade. The ethanol margins should see little change near term with corn, unleaded, and natural gas all staying range-bound. Basis should remain steady to a little better with the harvest pace likely to pick up again by the end of the week. South America should see little change short term for the early corn. The daily wire was quiet to start the week with weekly inspections edging a little higher at 531,516 metric tons. Weekly crop progress should show harvest is still just ahead of the five-year average and well past halfway now. On the December chart, the 20-day at $4.89 is nearby resistance with the $4.77 lower Bollinger Band key support. SOYBEANS: Soybean trade is 6 to 8 cents lower with trade giving back the initial overnight strength as meal fades sharply and we transition to January being the front month. Meal is $8 to $9 lower and oil is 20 to 30 points higher. The daily wire was quiet to start the week, with weekly inspections a bit disappointing at 1.890 million metric tons. South America should continue to press forward with planting with most issues confined to northern Brazil now and short-term improvement expected as we head further into the growing season. Weekly crop progress should show harvest ahead of the five-year average, and down to just the double crop and late acres. The January soybean chart has support at the $12.72 lower Bollinger Band with the 20-day at $13.04 that we closed back above Friday as closer support with the Upper Bollinger Band at $13.36 as resistance. WHEAT: Wheat trade is 3 cents lower to 6 cents higher with trade again pressing into fresh lows overnight amidst oversold conditions before seeing KC take the lead with better spread action so far during the day session. The Plains should warm back to seasonal temps later in the week with recent moisture boosting stands in many areas with planting and emergence expected to be near the five-year average and early conditions ahead of a year ago. World weather continues to be a bit mixed with other events, still failing to move the needle as bushels continue to flow out of the Black Sea area. Matif wheat is slightly lower while the dollar is just off the highs. Weekly export inspections were disappointing at 189,842 metric tons. On the KC December Chart, support is at a fresh low at $6.32 1/2 with the 20-day moving average at $6.67 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.