DTN Midday Grain Comments 10/28 10:59

DTN Midday Grain Comments 10/28 10:59 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 8 to 9 cents lower; wheat futures are 7 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 8 to 9 cents lower; wheat futures are 7 to 9 cents lower. The U.S. stock market is firmer at midday with the S&P 23 points higher. The U.S. Dollar Index is 4 points lower. The interest rate products are weaker. Energy trade is sharply lower with crude down 3.90 with natural gas .25 lower. Livestock trade is mixed. Precious metals are mixed with gold off .70. CORN: Corn futures are 3 to 4 cents lower at midday with trade drifting back toward the middle of the range with continued harvest progress expected until midweek along with mixed spread action. Ethanol margins will see some pressure from unleaded values sliding back toward the lows but should remain rangebound otherwise. Weather should remain open for most to keep harvest moving well ahead of normal toward midweek before heavy rains for the center of the Corn Belt slow things. Monday's weekly Crop Progress report is report expected to show harvest around 80% complete. The daily export wire remained active with 120,000 metric tons (mt) of corn to unknown with 124,000 mt to Japan. Weekly export inspections were solid at 823,664 mt with year-to-date pace 33% ahead of last year. 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 $4.16 7/8 is resistance again after we faded Friday, with the recent low at $3.98 below that. SOYBEANS: Soybean futures are 8 to 9 cents lower at midday with trade fading back toward the lows with broad product weakness weighing on things to start the week. Meal is 1.00 to 2.00 lower and oil is 160 to 170 points lower. Weather should allow for harvest cleanup through midweek. Weekly crop progress is expected to show harvest 90% complete. There are no major issues to hinder planting in South America. Export inspections were strong at 2.394 million metric tons (mmt) as we pull ahead of last year's pace at 102% of a year ago. Basis should start to recover further from harvest pressure as January becomes front month. On the November chart, trade has support at the fresh lows at $9.68 scored last week with the 20-day moving average at $10.07 the next level up. WHEAT: Wheat futures are 7 to 9 cents lower at midday with the expected shift wetter for the Plains into early November along with soft row-crop action. Planting and emergence are expected to still be lagging the 5-year average on the weekly report with first reported conditions to be mediocre Monday ahead of the rains. MATIF wheat is flat after giving back early gains with the dollar coming just off the highs. Weekly export inspections were rangebound at 248,534 mt, as we stay well ahead of last year's pace, at 133% of a year ago. On the KC December chart, support is the lower Bollinger Band at $5.71, which we are below at midday, 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.