DTN Midday Grain Comments 10/25 10:50

DTN Midday Grain Comments 10/25 10:50 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 4 to 6 cents lower at midday Friday; soybean futures are 8 to 11 cents lower; wheat futures are 9 to 15 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 6 cents lower at midday Friday; soybean futures are 8 to 11 cents lower; wheat futures are 9 to 15 cents lower. The U.S. stock market is mixed at midday with the S&P 35 points higher. The U.S. Dollar Index is 3 points higher. The interest rate products are weaker. Energy trade is mixed with crude up .90 with natural gas .02 lower. Livestock trade is mostly lower. Precious metals are mixed with gold up 2.40. CORN: Corn futures are 4 to 6 cents lower at midday with broad ag selling Friday morning to take trade back below nearby support with softer spread action. Ethanol margins should remain rangebound in the short term. Weather should remain open for most to keep harvest moving well ahead of normal into the weekend before midweek rains slow the tail end of harvest toward Nove. 1. The daily export wire remained active with 136,000 metric tons (mt) sold to Mexico. 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, which we are below at midday, with the recent low at $3.98 below that. SOYBEANS: Soybean futures are 8 to 11 cents lower with trade fading back to the overnight lows during the day session with products leading action lower. Meal is 4.00 to 5.00 lower and oil is 20 to 30 points lower. Weather should remain open enough for the tail end of harvest to be wrapping up. The daily export wire saw 116,000 mt sold to China on the daily wire. Basis is starting to firm again at some processors. On the November chart, trade has support at the fresh lows at $9.68 scored last week with the 20-day moving average at $10.11 the next level up. WHEAT: Wheat futures are 9 to 15 cents lower at midday with trade washing back to the lower end of the range after testing resistance overnight amid the soft overall markets. Warm and dry weather looks to favor the western Plains with rains shifting more to the SRW growing areas in the immediate term. MATIF wheat is sharply lower Friday morning with the dollar coming just off the highs. On the KC December chart, support is the lower Bollinger Band at $5.71 and resistance the 20-day moving average 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.