DTN Midday Grain Comments 10/16 10:55

DTN Midday Grain Comments 10/16 10:55 Corn, Wheat Futures are Higher at Midday; Soybeans Lower Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 1 to 2 cents lower; wheat futures are 5 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 1 to 2 cents lower; wheat futures are 5 to 6 cents higher. The U.S. stock market is mixed at midday with the S&P 9 points higher. The U.S. Dollar Index is 16 points higher. The interest rate products are firmer. Energy trade is weaker with crude down .70 with natural gas up .09. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up 10.00. CORN: Corn futures are 3 to 4 cents higher with firmer spread action as trade works to bounce back off the $4.00 area with little fresh news to drive action. Ethanol margins should remain rangebound with corn and unleaded at the lower end of the range. The weekly ethanol production report is delayed until Thursday due to Monday's holiday. Weather looks to keep harvest moving forward with open weather for most short term before some moisture in the extended forecast. The weekly crop progress report showed harvest 47% complete versus 39% on average. The daily export wire saw 1.623 million metric tons (mmt) sold to Mexico and 332,000 metric tons (mt) to unknown. On the December chart, the 50-day moving average at $4.07 is resistance after we faded through it Tuesday with further support the lower Bollinger Band at $3.98. SOYBEANS: Soybean futures are 1 to 2 cents lower at midday with early gains fading as harvest pressure continues and early product strength fades again. Meal 1.50 to 2.50 higher and oil is 15 to 25 points lower. NOPA crush showed better gains in September as further capacity comes online. Warm and dry weather should push remaining harvest along. The weekly crop progress report showed 67% harvested versus 51% last year. South American planting should continue to advance with rains becoming more widespread in Brazil. On the daily export wire, USDA reported private export sales of 175,000 mt of soybeans to unknown destinations for delivery during the 2024-25 marketing year. On the November chart, trade bounced from the lower Bollinger Band at $9.84 as support Tuesday with the 50-day moving average above the market at $10.09 as first resistance. WHEAT: Wheat futures are 5 to 6 cents higher at midday with trade working back from early weakness to ease the oversold conditions that developed in recent days. Warm and dry weather should ease a bit in the western Plains. The weekly crop progress report sowed U.S. winter wheat planting at 64% versus 66% on average and emergence at 35% versus 38% on average. Black Sea stands need to play catch up as well. MATIF wheat sees light buying Wednesday with the dollar holding the upper end of the range to limit upside. On the KC December chart, support is the 50-day at $5.77, with the 10-day 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.