DTN Midday Grain Comments 10/01 10:55

DTN Midday Grain Comments 10/01 10:55 Corn, Wheat Futures are Higher at Midday; Soybeans Lower Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are 1 to 2 cents lower; wheat futures are 8 to 12 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are 1 to 2 cents lower; wheat futures are 8 to 12 cents higher. The U.S. stock market is softer at midday with the S&P 60 points lower. The U.S. Dollar Index is 45 points higher. The interest rate products are firmer. Energy trade has crude 3.05 higher and natural gas is .05 lower. Livestock trade is mostly higher with hogs leading. Precious metals are firmer with gold up 25.00. CORN: Corn futures are 2 to 3 cents higher with trade edging to a new high as light buying continues with spread action softening on harvest pressure. On the report Monday, stocks came in at 1.761 billion bushels (bb) versus 1.844 bb expected, which boosted trade. Ethanol margins will get a boost if the Middle-East driven energies rally holds. Weather looks to return to warm and dry for most to keep harvest moving along quickly into early October. The weekly crop progress report showed 75% dented versus 70% on average with 21% harvested versus 18% on average and 64% good to excellent, and 12% poor to very poor, off 1%. Basis action should see more pressure as bushels accumulate in the short term. The daily export wire saw 195,000 metric tons (mt) booked by unknown. On the December chart, the 20-day at $4.11 is support with the next round up at the fresh high at $4.28 1/2. SOYBEANS: Soybean futures are 1 to 2 cents lower at midday with trade bouncing back from early selling again with meal leading the product complex as we continue to shrug off the expanding harvest. Meal is 6.50 to 7.50 higher and oil is 10 to 20 points lower. On the report, trade came in at 342 million bushels (mb) versus 351 expected. Warm and dry weather should push harvest pace with warm and dry weather continuing with the weekly report showing 81% dropping leaves versus 73% on average, 26% harvested versus 18% and 64% good to excellent and 11% poor to very poor, unchanged on the week. South America will continue to look for rains in the second week of the forecast to expand planting with warm and dry conditions remaining in the meantime. The daily wire saw 120,000 mt sold to unknown. Basis has seen further erosion post report. The November chart support is at the 20-day moving average at $10.24, with the fresh high at $10.69 3/4 as resistance. WHEAT: Wheat futures are 8 to 12 cents higher at midday with trade working to extend post-report gains back toward the recent highs with Black Sea weather concerns picking up a bit. Warm and dry weather will likely slow Plains planting pace a bit with 39% planted versus 38% on average, with 14% emerged versus 13% on average. On the stocks report, we saw stocks at 1.986 billion bushels versus 1.973 expected and production at 1.971 bb versus 1.966 bb expected. The dollar continues to firm sharply back off the lows with MATIF wheat up solidly as well. On the KC December chart, support is the 20-day moving average at $5.80, that we closed just back above Monday, with the Upper Bollinger Band at $5.98 the next level up if gains consolidate. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.