DTN Midday Grain Comments 10/18 10:52

DTN Midday Grain Comments 10/18 10:52 Corn, Soybeans, Wheat Futures are Lower at Midday Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 4 to 6 cents lower; wheat futures are 11 to 18 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 4 to 6 cents lower; wheat futures are 11 to 18 cents lower. The U.S. stock market is mixed at midday with the S&P 20 points higher. The U.S. Dollar Index is 28 points lower. The interest rate products are firmer. Energy trade is weaker with crude down 1.80 with natural gas off .08. Livestock trade is mostly higher with cattle leading. Precious metals are firmer with gold up 23.00. CORN: Corn futures are 2 to 3 cents lower with flat spread action as trade faded from nearby resistance levels again with late selling pressure likely into a harvest weekend along with negative spillover from wheat. Ethanol margins should remain rangebound in the short term, but unleaded is back to the lower end of the range to limit blender margins. Weather should remain open for most to keep harvest moving well ahead of normal. The daily export wire saw 125,000 metric tons (mt) sold to unknown destinations. Weekly export sales were very strong at 2.226 million metric tons (mmt). On the December chart, the 50-day moving average at $4.07 is resistance, which we are just below at midday with further support the lower Bollinger Band at $3.98. SOYBEANS: Soybean futures are 4 to 6 cents lower at midday with two-sided action continuing as we pull back from overnight strength while meal leads the product complex. Meal is 1.50 to 2.50 higher and oil is 75 to 85 points lower. Warm and dry weather should help harvest wrap up in many areas with long-season varieties and double-crop most of what remains. South American planting should continue to roll forwards as moisture levels catch up with the recent pattern shift. The daily export wire reported Mexico received 292,800 mt of soybeans and 21,000 of soy oil. Weekly export sales were solid at 1.703 mmt, with meal at 251,400 metric tons and 400 of oil. On the November chart, trade is back above the lower Bollinger Band at $9.73 with the $10.00 area the next level up. WHEAT: Wheat futures are 11 to 18 cents lower at midday with broad selling picking up during the day session and rains on the Plains expected to boost emergence. Warm and dry weather should ease a bit in the western Plains with better rains expected into the weekend while Black Sea area seeding should play some catch up. MATIF wheat is sharply lower as well with the dollar fading off the upper end of the range but still elevated. Weekly export sales were solid at 504,100 mt. On the KC December chart, support is the 50-day moving average at $5.77, with the 20-day moving average at $5.91 now chart resistance, which failed to hold after the solid close Thursday. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.