DTN Midday Grain Comments 10/15 10:51

DTN Midday Grain Comments 10/15 10:51 Corn, Soybean, Wheat Futures All Lower Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 8 to 11 cents lower; wheat futures are 2 to 5 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 8 to 11 cents lower; wheat futures are 2 to 5 cents lower. The U.S. stock market is weaker at midday with the S&P 18 points lower. The U.S. Dollar Index is 18 points lower. The interest rate products are firmer. Energy trade is lower with crude down 3.70 with natural gas up .04. Livestock trade is weaker with cattle the downside leader. Precious metals are firmer with gold up 14.00. CORN: Corn futures are 4 to 5 cents lower at midday with harvest pressure continuing to weigh on action with lightly firmer spread action up front. Ethanol margins should remain rangebound with corn and unleaded fading in tandem. Weather looks to keep harvest moving forward with open weather for most in the short term before some moisture in the extended forecast. The weekly crop progress report is expected to show harvest pace just a bit ahead of the 5-year average. Weekly export inspections were disappointing at 430,323 metric tons (mt). On the December chart, the 50-day moving average at $4.07 is chart support which we edged below this morning with further support the lower Bollinger Band at $4.00. SOYBEANS: Soybean futures are 8 to 11 cents lower at midday with continued selling through the day session with mixed spread action as harvest continues to weigh along with a lack of bullish inputs in the short term. Meal is 3.00 to 4.00 lower and oil is 45 to 55 points higher. Warm and dry weather should get us to the harvest stretch shortly. Weekly crop progress is expected to show well ahead of the 5-year average. South American planting should continue to advance with the better recent moisture. The weekly export inspections were solid at 1.576 million metric tons (mmt). On the November chart, trade is testing the lower Bollinger Band at $9.86 as support with the 50-day moving average above the market at $10.09 as first resistance. WHEAT: Wheat futures are 2 to 5 cents lower at midday with negative spillover from row crops continuing to weigh on trade along with ideas of some Northern Hemisphere weather improvement for freshly drilled wheat. Warm and dry weather should ease a bit in the western Plains with U.S. winter wheat planting likely to be near average with emergence slightly behind with Black Sea stands needing to play catch up as well. Weekly export inspections remained range bound at 371,004 mt with Mexico securing 120,000 mt of soft winter wheat on the daily export wire. MATIF wheat is seeing selling pressure as well Tuesday. 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. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.