DTN Midday Grain Comments 10/31 10:51
31 Oct 2023
DTN Midday Grain Comments 10/31 10:51 Corn and Beans Higher; Wheat Lower at Midday Corn trade is 2 cents to 3 cents higher. Beans are 9 cents to 11 cents higher and wheat trade is 6 cents to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the S&P unchanged at midday Tuesday. The dollar index is 55 points higher. Interest-rate products are firmer. Energies are mixed with crude down .05 and natural gas up .18. Livestock trade is mixed. Precious metals are weaker with gold off at $2. CORN: Corn trade is 2 cents to 3 cents higher with trade firming a touch off the lower end of the range with a little better spread action with little fresh news again today. 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 as we head to the homestretch. South America should see little change short term for the early corn. The daily wire remained quiet today. Weekly crop progress showed harvest 71% complete vs. 66% on average. On the December chart, the 20-day at $4.89 is nearby resistance with the $4.74 lower Bollinger Band key support. Soybean trade is 9 cents to 11 cents higher with trade turning higher midday with meal again leading the product complex with January now the front month. Meal is $5.50 to $6.50 higher and oil is 15 to 30 points lower. The daily wire saw Mexico secure 239,432 metric tons of soybeans. South America should continue to press forward with planting and excessive rains in Southern Brazil as the biggest immediate concerns. Weekly crop progress showed harvest 85% complete vs. 78% on average, down to just the double crop and late acres. The January soybean chart has support at the $12.75 lower Bollinger Band with the 20-day average at $13.05 that was tested overnight before bouncing with the Upper Bollinger Band at $13.35 as resistance. WHEAT: Wheat trade is 6 cents to 8 cents lower at midday with fund sales continuing after the mixed start with little other fresh news to move action along with the dollar firming back today to provide a headwind. The plains should warm back to seasonal temps later in the week with recent moisture boosting stands in many areas. Weekly crop progress shows 84% planted vs. 85% on average with 64% emerging the same as average; 47% good to excellent; and 18% poor to very poor. World weather continues to be a bit mixed with other events failing to move the needle as bushels continue to flow out of the Black Sea area. Matif wheat is lower as well this morning. On the KC December Chart, support is at a fresh low at $6.32 1/2 with the 20-day moving average at $6.65 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.