DTN Midday Grain Comments 10/22 10:55

DTN Midday Grain Comments 10/22 10:55 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 9 to 10 cents higher; wheat futures are 3 to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 9 to 10 cents higher; wheat futures are 3 to 5 cents higher. The U.S. stock market is weaker at midday with the S&P 13 points lower. The U.S. Dollar Index is 3 points lower. The interest rate products are weaker. Energy trade is firmer with crude up 1.50 with natural gas unchanged. Livestock trade is firming into midday. Precious metals are firmer with gold up 18.00. CORN: Corn futures are 4 to 5 cents higher at midday with spread action remaining solid as harvest pushes forward and trade firms toward the next level of nearby resistance. Ethanol margins should remain rangebound in the near term with fall demand holding up well so far. Weather should remain open for most to keep harvest moving well ahead of normal with some showers in the west Monday and a wetter forecast next week. The weekly crop progress report showed harvest at 65% complete versus 52% on average. The daily export wire remained active Tuesday with 359,500 metric tons (mt) sold to Mexico. Basis action is flattening out at this point in harvest. On the December chart, the 20-day moving average at $4.16 1/2 is resistance with support the lower Bollinger Band at $3.98. SOYBEANS: Soybean futures are 9 to 10 cents higher at midday with two-sided trade firming into the day session with oil leading the product complex as harvest pressure eases. Meal is flat to 1.00 lower and oil is 145 to 155 points higher. The weekly crop progress report showed harvest 81% complete versus 67% on average as we get down to double-crop acres with open weather for most to wrap up short term. South American planting should continue to move along at a good clip. Basis has stabilized as harvest pressure eases. 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 3 to 5 cents higher at midday with choppy action continuing and row-crop trade adding support. Warm and dry weather should ease a bit in the Western Plains to end the month with some storms Monday while the Black Sea continues to catch up, seeding-wise. Weekly crop progress showed 73% planted versus 78% on average, and 46% emerged versus 50% on average. MATIF wheat is mixed at midday with bigger Black Sea exports while the dollar remains at two-month highs. On the KC December chart, support is the lower Bollinger Band at $5.68 and resistance is the 20-day moving average at $5.94. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.