DTN Midday Grain Comments 10/07 10:57

DTN Midday Grain Comments 10/07 10:57 Corn, Soybean , Wheat Futures Mixed at Midday Corn futures are steady to 1 cent higher; bean futures are steady to 1 cent lower; wheat futures are 3 to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are steady to 1 cent higher, bean futures are steady to 1 cent lower, and wheat futures are 3 to 4 cents higher. The U.S. stock market is weaker at midday with the S&P 15 points lower. The Dollar Index is 5 points lower. The interest rate products are weaker. Energy trade has crude 2.10 higher and natural gas is 0.11 lower. Livestock trade is mixed. Precious metals are weaker with gold down 5.00. CORN: Corn futures are steady to a penny higher at midday in quiet trade to start the week with harvest continuing to push forward. Ethanol margins should see support from the strength in energies with corn easing off the upper end of the recent range. Weather looks to keep harvest moving along short term with flammability issues to persist with weekly crop progress likely to show harvest just ahead of the five-year average along with steady conditions. Basis action should see more pressure as bushels accumulate short term. The daily export wire saw 155,000 metric tons (mt) sold to Mexico with weekly export inspections solid at 933,274 mt. On the December chart the 20-day at 4.15 1/4 is support with the next round up at the fresh high at $4.34 1/4. SOYBEANS: Soybeans futures are steady to 1 cent lower at midday with trade opening about a dime lower before firming back into the day session. Meal is 4.00 to 5.00 lower and oil is 65 to 75 points higher. Warm and dry weather should push harvest further ahead of average with the weekly report expected to show progress well ahead of the five-year average and getting closer to the halfway point. South America will continue to look for rains to expand this week to kick planting into higher gear. The daily wire saw 172,500 mt sold to unknown destinations with weekly export inspections picking up steam at 1.431 million metric tons (mmt). Basis will likely continue to soften short term as available commercial storage fills up. The November chart support is at the 20-day moving average at $10.29 which we tested overnight, with the fresh high at $10.69 3/4 as resistance. WHEAT: Wheat futures are 3 to 4 cents higher at midday with trade finding light buying during the day session as we work to consolidate the upper end of the range with little other fresh news. Warm and dry weather will likely slow Plains planting a bit with the weekly report expected to show plantings and emergence just short of the five-year average. The dollar is just off the recent highs with MATIF wheat working back higher as well. Weekly export inspections were ok at 363,400 mt. On the KC David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.