DTN Midday Grain Comments 10/14 11:23

DTN Midday Grain Comments 10/14 11:23 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 5 to 6 cents lower at midday Monday; soybean futures are 3 to 4 cents lower; wheat futures are 10 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents lower at midday Monday; soybean futures are 3 to 4 cents lower; wheat futures are 10 to 11 cents lower. The U.S. stock market is firmer at midday with the S&P 37 points higher. The U.S. Dollar Index is 28 points lower. The interest rate products are lower. Energy trade is lower with crude down 35 cents. Livestock trade is mixed with cattle higher and hogs lower. Precious metals are lower with gold off 13.00. CORN: Corn futures ranged overnight from near unchanged to around 6 cents lower where we are at midday. Harvest pressure and limited fresh supportive news is noted for the lower trade along with the not-so-great finish on the chart Friday. The negative close after the USDA numbers provided lackluster buying Monday. The production number on the WASDE was slightly bigger than the average guess but well within trade expectations. Weather looks to keep harvest moving ahead as we are at the halfway point nationally. On the December chart, the 50-day moving average at $4.07 is support with the 20-day moving average at $4.18 resistance, then the $4.23 ten-day moving average. SOYBEANS: Soybean futures are 3 to 4 cents lower at midday in slow action after some mixed trade overnight. The trade is balancing news of some mixed yield results and the USDA WASDE numbers from Friday. Meal is $2.80 higher and oil is 115 lower on the December contracts. Warm and dry weather should keep pushing harvest further ahead of average. Some effects of the warmer, drier August into September have later harvested yields expected to be disappointing. South American planting should see better advancement this week. On the November chart, trade slipped below the 50-day moving average, at $10.09 1/2 Friday, and has remained below it; this is now resistance. Support is at the $9.92 lower Bollinger Band. The low Monday morning is over 70 cents below the September high and 45 cents above the August low. WHEAT: Wheat futures are 10 to 11 cents lower at midday. Wheat trade appears to need bullish fresh news to extend the range higher, above the $6.25 level on December KC. The WASDE on Friday had the world carryover at 257.2 million bushels (mb) versus 256.4 mt, which was nothing to get bulls excited about. Warm and dry weather will keep challenging Plains seeding, while the Black Sea area is expected to see some moisture relief. On the KC December chart, support is the 50-day moving average at $5.77, with the 10-day moving average at $6.05 now chart resistance. The trade should be watching the winter wheat planting progress number with interest Tuesday afternoon. Weekly crop progress is delayed due to Monday's holiday. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.