DTN Midday Grain Comments 10/31 10:49

DTN Midday Grain Comments 10/31 10:49 Corn Futures Mixed at Midday; Soybeans Higher; Wheat Lower Corn futures are narrowly mixed at midday Thursday; soybean futures are 4 to 5 cents higher; wheat futures are 4 to 7 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Thursday; soybean futures are 4 to 5 cents higher; wheat futures are 4 to 7 cents lower. The U.S. stock market is weaker at midday with the S&P 85 points lower. The U.S. Dollar Index is 16 points higher. The interest rate products are weaker. Energy trade is mixed with crude up 1.00 with natural gas .11 lower. Livestock trade is mostly lower. Precious metals are weaker with gold off 52.00. CORN: Corn futures are narrowly mixed at midday with the recent range continuing to hold and spread action softening a bit. Ethanol margins look to remain sideways in the short term with corn and unleaded trading ranges holding. Rains moving through much of the Corn Belt should also allow fall fertilizer application to get under way later in November with remaining harvest paused in many areas. Weekly export sales remain strong at 2.342 million metric tons (mmt) in the last reporting week, up 7% from the 4-week average. Basis action is starting to firm in the areas that are done with harvest. On the December chart, the 20-day moving average at $4.14 is resistance, with the recent low at $3.98 below that as support. SOYBEANS: Soybean futures are 4 to 5 cents higher at midday with trade working back toward the $10.00 area on the January contract after the Wednesday rebound with oil continuing to lead the products. Meal is .50 to 1.50 lower and oil 120 to 130 points higher. Remaining harvest will pause with the rain. South America continues to see an active pattern to boost planting and early development, limiting weather premiums bid into the market. The daily export wire saw 150,000 mt soybean cake and meal sold to unknown destinations. The weekly export sales remain strong at 2.273 mmt, up 39% from the 4-week average, with meal seeing 208,400 sold, and 10,400 of oil. Basis should start to recover further from harvest pressure. On the January chart, trade has support at the fresh lows at $9.77 with the 20-day moving average at $10.08 the next level up. WHEAT: Wheat futures are 4 to 7 cents lower at midday with trade continuing to chop in the lower end of the range with overall fresh news limited and the forecast continuing to show better November moisture for the Plains. The second set of storms into the weekend is expected to provide better coverage for the areas lagging in emergence. MATIF wheat is weaker Thursday morning while the dollar continues to edge away from the recent highs. Weekly export sales pace eased a little at 411,100 metric tons, off 14% from the last four weeks. On the KC December chart, support is the lower Bollinger Band at $5.61, which we bounced from Wednesday, and resistance at the 20-day moving average of $5.88. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.