DTN Midday Grain Comments 10/08 10:54

DTN Midday Grain Comments 10/08 10:54 Corn, Soybean Futures Lower at Midday; Wheat Flat-Lower Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 18 to 20 cents lower; wheat futures are flat to 2 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 18 to 20 cents lower; wheat futures are flat to 2 cents lower. The U.S. stock market is firmer at midday with the S&P 42 points higher. The U.S. Dollar Index is 5 points higher. The interest rate products are weaker. Energy trade has crude 3.90 lower and natural gas is unchanged. Livestock trade is lightly firmer. Precious metals are weaker with gold down 34.00. CORN: Corn futures are 5 to 6 cents lower at midday with spillover pressure from soybeans and harvest pressure pulling action further off the upper end of the range. Ethanol margins should stay rangebound with corn and unleaded weakness Tuesday. Weather looks to keep harvest moving along in the short term with flammability issues to persist. Weekly crop progress showed corn 87% mature versus 81% on average and 30% harvested versus 27% on average. Corn condition was rated 64% good to excellent and 13% poor to very poor. Basis action should see more pressure as bushels accumulate in the short term. On the December chart, the 20-day moving average at $4.16 1/4 is support with the next round up at the fresh high of $4.34 1/4. SOYBEANS: Soybean futures are 18 to 20 cents lower at midday with harvest pressure and product weakness pushing trade back below nearby support levels. Meal is 2.00 to 3.00 lower and oil is 135 to 155 points lower. Warm and dry weather should push harvest further ahead of average. The weekly crop progress report showed 90% dropping leaves versus 85% last year and 47% harvested versus 34% on average. Soybean conditions were rated 63% good to excellent and 11% poor to very poor. South America should be able to catch up on planting pace in the near term with trade watching weather to see how much moisture levels catch up. The daily export wire saw 166,000 metric tons (mt) sold to China. Basis will likely continue to soften in the short term as available commercial storage fills up. The November chart resistance is at the 20-day moving average of $10.31, which we fell through overnight, with the lower Bollinger Band at $9.89 as the next level down as support. WHEAT: Wheat futures are flat to 2 cents lower with trade continuing to consolidate recent action above nearby support levels with row crop action limiting upside with light two-sided action overall so far. Warm and dry weather will likely slow Plains planting a bit. The weekly crop progress report showed 51% planted versus 52% on average and 25% emerged, the same as average. Improvement is expected for winter wheat areas in the Black Sea. The dollar is just off the recent highs with MATIF wheat edging higher. On the KC December chart, support is the 20-day moving average at $5.87, 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.