DTN Midday Grain Comments 10/04 10:46

DTN Midday Grain Comments 10/04 10:46 Corn, Soybean , Wheat Futures Lower at Midday Corn futures are 4 to 5 cents lower; soybean futures are 7 to 8 cents lower and wheat futures are 10 to 14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower; soybean futures are 7 to 8 cents lower and wheat futures are 10 to 14 cents lower. The U.S. stock market is flat at midday with the S&P 9 points higher. The dollar index is 60 points higher. The interest rate products are weaker. Energy trade has crude .70 higher and natural gas is .11 lower. Livestock trade is mixed. Precious metals are firmer with gold up 1.00. CORN: Corn futures are 4 to 5 cents lower at midday with trade fading further off the upper end of the range with harvest pressure into the weekend and risk off action in ag this morning. Ethanol margins should get boost from the bounce in energies while corn edges back from the highs. Weather looks to keep harvest moving along at a good clip short term. Basis action should see more pressure as bushels accumulate short term. The daily export wire saw 198,000 metric tons sold to unknown. On the December chart the 20-day at 4.14 3/4 is support with the next round up at the fresh high at $4.34 1/4. SOYBEANS: Soybeans futures are 7 to 8 cents lower with trade giving back the overnight strength as products turn lower with harvest pressure picking up into the weekend. Meal is 2.00 to 3.00 lower and oil is 50 to 60 points lower. Warm and dry weather should push harvest further ahead of average into midmonth with the halfway point to approach rapidly. South America will continue to look for rains over the next seven days to get planting to expand into midmonth. The daily wire saw 116,000 metric tons sold to China. Basis will likely continue to soften short term. The November chart support is at the 20-day moving average at $10.29, with the fresh high at $10.69 3/4 as resistance. WHEAT: Wheat futures are 10 to 14 cents lower at midday with trade fading further off the highs with dollar strength and world values easing after early week strength. 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, but nearby export offers have remained flat. The dollar is at the highest level since late August with MATIF wheat sharply lower as well. On the KC December Chart support is the 20-day at $5.85, 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.