DTN Midday Grain Comments 10/09 10:47

DTN Midday Grain Comments 10/09 10:47 Soybean Futures Higher at Midday; Corn Flat-Higher; Wheat Mixed Corn futures are flat to a penny higher at midday Wednesday; soybean futures are 4 to 5 cents higher; wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny higher at midday Wednesday; soybean futures are 4 to 5 cents higher; wheat futures are narrowly mixed. The U.S. stock market is firmer at midday with the S&P 26 points higher. The U.S. Dollar Index is 23 points higher. The interest rate products are weaker. Energy trade has crude .60 lower and natural gas is .09. Livestock trade is weaker. Precious metals are mixed with gold down 2.00. CORN: Corn futures are flat to a penny higher at midday with rangebound action continuing and little overall fresh news to get action higher. The weekly ethanol report showed production up by 34,000 barrels per day (bpd), with stocks down by 130,000 barrels. Weather looks to keep harvest moving ahead with open weather for the Corn Belt continuing. Basis action should drift lower as harvest moves ahead. The daily export wire saw 126,000 metric tons (mt) sold to unknown. Weekly export sales are expected to be in the 750,000 to 950,000 metric ton (mt) range. On the December chart, the 20-day moving average at $4.17 1/4 is support with the next round up at the fresh high of $4.34 1/4. SOYBEANS: Soybean futures are 4 to 5 cents higher at midday with trade backing off the early dime higher level as we try to consolidate after the pullback Tuesday. Meal is flat to 1.00 lower and oil is 10 to 20 points lower. Warm and dry weather should push harvest further ahead of average with the halfway point likely in the rear view for the year with the open weather. South America should be able to begin to catch up on planting pace in the near term with trade watching weather to see how much moisture levels improve into midmonth. Weekly export sales are expected to be in the 700,000 to 900,000 mt range Thursday. Rapidly filling storage will likely pressure basis. The November chart resistance is at the 20-day moving average at $10.31, which we faded through Tuesday, with the lower Bollinger Band at $9.92 as the next level down as support. WHEAT: Wheat futures are narrowly mixed with early gains fading a bit as wheat continues to consolidate the upper end of the range with KC still holding above $6.00 nearby. Warm and dry weather will keep challenging Plains seeding, while the Black Sea area is expected to see some moisture relief. Weekly export sales are expected to be in the 250,000 to 400,000 mt range. The dollar is just off the recent highs with MATIF wheat turning lower after early gains. On the KC December chart, support is the 20-day moving average at $5.88, 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.