DTN Midday Grain Comments 10/24 10:58

DTN Midday Grain Comments 10/24 10:58 Wheat Futures Lower at Midday; Corn, Soybeans Narrowly Mixed Corn futures are narrowly mixed at midday Thursday; soybean futures are narrowly mixed; wheat futures are 2 to 5 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Thursday; soybean futures are narrowly mixed; wheat futures are 2 to 5 cents lower. The U.S. stock market is mixed at midday with the S&P 5 points higher. The U.S. Dollar Index is 20 points lower. The interest rate products are higher. Energy trade is mixed with crude off .60 with natural gas .09. Livestock trade is mostly higher. Precious metals are mixed with gold up 15.00. CORN: Corn futures are narrowly mixed at midday with early gains fading as trade works to consolidate above the nearby resistance levels pushed through Wednesday. Ethanol margins remain stable with recent corn strength narrowing margins a bit. 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 165,000 metric tons (mt) of corn sold to unknown and 227,600 mt to Japan. Weely export sales were very strong at 3.6 million metric tons (mmt) old crop and 581,200 mt of new. Basis action is flattening out at this point in harvest with some areas more bottlenecked than others. On the December chart, the 20-day moving average at $4.17 1/2 is now support after the strong close Wednesdy, with the recent high at $4.33 the next level up. SOYBEANS: Soybean futures are narrowly mixed at midday with strong spread action so far even as we fade from the overnight highs with oil leading the product complex and harvest pressure fading fast. Meal is 2.50 to 3.50 lower and oil is 80 to 90 points higher. 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 198,000 mt of soybeans sold to unknown. Weekly export sales were strong at 2.15 mmt of beans, which was 47% higher than the 4-week average; 159,900 of meal; 29,000 of oil. Basis is starting to firm again. On the November chart, trade has support at the fresh lows at $9.68 scored last week with the 20-day moving average at $10.15 the next level up. WHEAT: Wheat futures are 2 to 5 cents lower at midday with the recent pattern of choppy action continuing Thursday with Chicago action leading. Warm and dry weather should return for the balance of the week with wetter weather expected next week to boost emergence. MATIF wheat is soft Thursday morning with the dollar coming just off the highs. Weekly export sales were solid at 532,900 mt, up 38% from the 4-week average. On the KC December chart, support is the lower Bollinger Band at $5.68 and resistance the 20-day at $5.95. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.