DTN Midday Grain Comments 10/23 10:51

DTN Midday Grain Comments 10/23 10:51 Soybean Futures Higher at Midday; Corn, Wheat Narrowly Mixed Corn futures are narrowly mixed at midday Wednesday; soybean futures are 2 to 4 cents higher; wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Wednesday; soybean futures are 2 to 4 cents higher; wheat futures are narrowly mixed. The U.S. stock market is weaker at midday with the S&P 45 points lower. The U.S. Dollar Index is 35 points higher. The interest rate products are weaker. Energy trade is weaker with crude off 1.10 with natural gas unchanged. Livestock trade is mostly lower. Precious metals are weaker with gold down 35.00. CORN: Corn futures are narrowly mixed at midday with action just below nearby resistance levels after the strong start to the week. The weekly ethanol report showed production up by 39,000 barrels per day (bpd) with stocks 100,000 barrels lower. Weather should remain open for most to keep harvest moving well ahead of normal with wetter weather expected next week to slow the end of harvest. The daily export wire remained active with 100,000 metric tons (mt) sold to unknown. Weekly export sales are expected to be in the 3.0 million metric tons (mmt) to 3.5 mmt range Thursday. 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 $3.99. SOYBEANS: Soybean futures are 2 to 4 cents higher at midday with trade seeing two-sided action with better spread action as we look for three good closes in a row. Meal is flat to 1.00 lower and oil is 25 to 35 points lower. Weather should remain open enough for harvest to continue to wrap up for most this week except for late double crop acres. The daily export wire saw 130,000 mt sold to China, and 259,000 mt to unknown. Weekly export sales are expected to be 1.0 mmt to 1.5 mmt range. Basis has stabilized as harvest pressure eases. On the November chart, trade has support at the fresh lows at $9.68 scored last week with the $10.00 area the next level up. WHEAT: Wheat futures are narrowly mixed with trade firming back from the overnight selling with the strong dollar and better weather expected helping limit upside. Warm and dry weather should return for the balance of the week with wetter weather expected next week to boost emergence. MATIF wheat is lower at midday as it consolidates the lower end of the range with the dollar testing late summer highs. Weekly export sales are expected to be in the 200,000 to 350,000 mt range. On the KC December chart, support is the lower Bollinger Band at $5.68 and resistance 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.