DTN Midday Grain Comments 10/21 10:50

DTN Midday Grain Comments 10/21 10:50 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 5 to 6 higher at midday Monday; soybean futures are 6 to 8 cents higher; wheat futures are 2 to 6 cents higher David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 higher at midday Monday; soybean futures are 6 to 8 cents higher; wheat futures are 2 to 6 cents higher. The U.S. stock market is lower at midday with the S&P 40 points lower. The U.S. Dollar Index is 36 points higher. The interest rate products are firmer. Energy trade is firmer with crude up .70 with natural gas up .08. Livestock trade is mixed. Precious metals are firmer with gold up 4.00. CORN: Corn futures are 5 to 6 cents higher with trade working into nearby resistance at midday with broad ag strength. Ethanol margins are getting a boost from unleaded rebounding Monday morning on the blender side of the things while harvest supplies should support production. Weather should remain open for most to keep harvest moving well ahead of normal with some showers possible in the west tonight and a wetter forecast next week. The weekly crop progress report is expected to show harvest well past halfway Monday afternoon. The daily export wire remained very active with 198,192 metric tons (mt) to unknown; 130,000 mt to South Korea; and 169,926 mt to Mexico. Weekly export inspections were expected to be in the 500,000 to 750,000 mt range. On the December chart, the 50-day moving average at $4.07 is resistance, which we are above at midday, with further support the lower Bollinger Band at $3.98. SOYBEANS: Soybean futures are 6 to 8 cents higher at midday with trade fading back from the initial overnight gains with choppy trade continuing along with mixed product action. Meal is 1.00 to 2.00 higher with oil 25 to 35 points higher. The weekly crop progress report should show harvest past 80% complete as we get down to double-crop acres with open weather for most to wrap up in the short term. South American planting should continue to move along at a good clip. The daily export wire saw 116,000 mt sold. Weekly export inspections were expected to be in the 1.50 mmt to 1.75 mmt range. On the November chart, trade has support at the fresh low of $9.68 scored last week with the $10.00 area the next level up. WHEAT: Wheat futures are 2 to 6 cents higher to start the week with KC leading so far with spillover from the row crops adding support during the day session. Warm and dry weather should ease a bit in the Western Plains to end the month with some storms expected this evening, while the Black Sea continues to catch-up, seeding wise. Weekly crop progress is expected to show planting and emergence still lagging the five-year average with the first condition report likely next week. MATIF wheat is slightly lower Monday morning as well with the dollar pushing back toward the upper end of the range. Weekly export inspections were expected to be in the 400,000 to 650,000 mt range. On the KC December chart, support is the 50-day moving average at $5.77, with the 20-day moving average at $5.93 resistance after we failed to hold the rebound Friday. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.