DTN Midday Grain Comments 10/30 10:57

DTN Midday Grain Comments 10/30 10:57 Soybean, Wheat Futures Higher at Midday; Corn Flat-Lower Corn futures are flat to 2 cents lower at midday Wednesday; soybean futures are 9 to 11 cents higher; wheat futures are 3 to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 2 cents lower at midday Wednesday; soybean futures are 9 to 11 cents higher; wheat futures are 3 to 5 cents higher. The U.S. stock market is firmer at midday with the S&P 13 points higher. The U.S. Dollar Index is 24 points lower. The interest rate products are mixed. Energy trade is higher with crude up 1.60 with natural gas .01 lower. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold up 8.00. CORN: Corn futures are flat to 2 cents lower at midday with trade chopping along in rangebound action, holding just below nearby resistance. The weekly ethanol report showed production 1,000 barrels per day higher with stocks down another 400,000 barrels, helping to support margins. Rains moving through much of the Corn Belt should also allow fall fertilizer application to get underway later in November. The daily export wire saw 273,048 metric tons (mt) of corn sold to unknown destinations. Basis action is starting to firm in the areas that have went post-harvest. On the December chart, the 20-day moving average at $4.15 is resistance, with the recent low at $3.98 below that as support. SOYBEANS: Soybean futures are 9 to 11 cents higher at midday with oil leading the product complex as we try to rebound from edging to a fresh low overnight. Meal is flat to 1.00 higher, and oil 75 to 85 points higher. Remaining harvest will likely pause with the incoming rain. South America is continuing to see an active pattern to boost planting and early development. The daily export wire saw 132,000 mt of soybeans sold to China and 132,000 sold to unknown destinations. Basis should start to recover further from harvest pressure as January becomes front-month. On the January chart, trade has support at the fresh lows at $9.77 with the 20-day moving average at $10.12 the next level up. WHEAT: Wheat futures are 3 to 5 cents higher at midday with two-sided action so far as trade works to hold the Tuesday rebound. The first storms are more focused on the eastern Plains with better rains expected for the west into next week to boost emergence and stands. MATIF wheat is softer so far Wednesday at the lower end of the range with the dollar continuing to hold near the highs even with the early weakness. On the KC December chart, support is the lower Bollinger Band at $5.61, which we bounced from Tuesday, and resistance the 20-day at $5.91. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.