DTN Midday Grain Comments 10/03 10:52

DTN Midday Grain Comments 10/03 10:52 Corn, Soybean Futures Lower at Midday; Wheat Flat-Lower Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 6 to 7 cents lower; wheat futures are flat to 6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 6 to 7 cents lower; wheat futures are flat to 6 cents lower. The U.S. stock market is mixed at midday with the S&P 9 points lower. The U.S. Dollar Index is 35 points higher. The interest rate products are weaker. Energy trade has crude 2.95 higher and natural gas is .08 higher. Livestock trade is weaker. Precious metals are mixed with gold up 2.00. CORN: Corn futures are 1 to 2 cents lower at midday with trade fading just off the upper end of the range with light day session selling. Ethanol margins continue to see pressure with corn holding the upper end of the range with slower fall driving demand likely to limit blending even with the bounce in unleaded this week. 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 short term. Weekly export sales were very strong at 1.68 million metric tons (mmt). On the December chart, the 20-day moving average at $4.13 is support with the next round up at the fresh high at $4.34 1/4. SOYBEANS: Soybean futures are 6 to 7 cents lower at midday with meal again leading product action lower as we repeat the pattern of overnight selling that firms back a bit during the day session as we have seen this week. Meal is 6.00 to 7.00 lower and oil is 50 to 60 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 over the next seven days to get planting to expand. Weekly export sales were strong at 1.44 mmt of beans; -40,700 of old crop meal; 228,600 of new; 500 of old oil; and 30,800 of new. Basis will likely continue to soften in the short term. The November chart support is at the 20-day moving average at $10.27, with the fresh high at $10.69 3/4 as resistance. WHEAT: Wheat futures are flat to 6 cents lower at midday with trade looking to consolidate the midweek move to a higher range after pushing past $6.00 nearby Wednesday. Warm and dry weather will likely slow Plains planting pace a bit along with row-crop harvest ongoing. Planting weather remains dry in the Black Sea area as well. Weekly export sales rebounded solidly to 443,700 metric tons. The dollar continues to firm back toward the middle of the range with MATIF wheat edging lower as well. On the KC December chart, support is the 20-day moving average at $5.84, 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.