DTN Midday Grain Comments 10/02 10:50

DTN Midday Grain Comments 10/02 10:50 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures are 5 to 6 cents lower; wheat futures are 16 to 23 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures are 5 to 6 cents lower; wheat futures are 16 to 23 cents higher. The U.S. stock market is firmer at midday with the S&P 10 points higher. The U.S. Dollar Index is 45 points higher. The interest rate products are weaker. Energy trade has crude .55 higher and natural gas is .02 higher. Livestock trade is sharply higher. Precious metals are mixed with gold off 23.00. CORN: Corn futures are 4 to 5 cents higher at midday with trade again pressing to a new high for the move with steady spread action with spillover support from wheat helping to keep buying going as harvest pressure builds. The weekly ethanol report showed stocks flat and production 21,000 barrels per day (bpd) higher. Weather looks to return to warm and dry for most to keep harvest moving along quickly into early October. Basis action should see more pressure as bushels accumulate in the short term. Weekly export sales are expected to be in the 650,000 to 850,000 metric ton (mt) range Thursday. On the December chart, the 20-day moving average at $4.12 is support with the next round up at the fresh high at $4.34 1/4. SOYBEANS: Soybean futures are 5 to 6 cents lower with trade firming again from the overnight lows with oil leading the product complex. Meal is 8.00 to 9.00 lower and oil is 75 to 85 points higher. Warm and dry weather should push harvest pace with the current pattern carrying into midmonth. South America will continue to look for rains in the second week of the forecast to expand planting with warm and dry conditions for the balance of this week. Weekly export sales are expected to be in the 1.0 to 1.25 million metric ton (mmt) range. Basis will likely continue to soften in the short term. The November chart support is at the 20-day moving average at $10.25, with the fresh high at $10.69 3/4 as resistance. WHEAT: Wheat futures are 16 to 23 cents higher at midday with trade pressing into fresh highs for the move with risk-on buying on weather and geopolitical concerns with KC action leading. Warm and dry weather will likely slow Plains planting pace a bit with some progress to continue amid row-crop harvest. The dollar continues to firm back toward the middle of the range with MATIF wheat up sharply as well. On the KC December chart, support is the 20-day moving average at $5.82, with the fresh high at $6.22 the next level up. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.