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DTN Midday Grain Comments 10/30 10:45
Corn and Wheat Lower, Soybeans Higher at Midday Friday
Corn futures are 2 to 3 cents lower at midday, soybeans are 2 to 3 cents
higher, and wheat futures are 1 to 2 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
The U.S. stock market is weaker at midday with the S&P off 112 points. The
U.S. Dollar Index is 5 points lower. The interest rate products are firmer.
Energy trade is firmer with crude up 2.20 and natural gas off .07. Livestock
trade is weaker with cattle the downside leader. Precious metals are weaker
with gold 113.00 lower.
CORN:
Corn futures are 2 to 3 cents lower at midday with trade continuing to grind
along the recent lows with deeply oversold conditions still in place. Blender
margins for ethanol remain strong which should support overall production short
term. Basis is starting to see strength near major processors in the western
belt. The daily wire remained quiet to end the week. Harvest will be slowed by
rains into the weekend. On the December chart the 20-day at $4.72 1/2 is nearby
resistance. Chart support is at the $4.40 lower Bollinger Band and $4.47 1/2
2-month low area.
SOYBEANS:
Soybean futures are 2 to 3 cents higher at midday with trade working to ease
oversold conditions as the November contract enters delivery with oil leading
the product side of the complex. Meal is 3 to 4 lower and oil is 45 to 55
points higher. Harvest should push to the homestretch quickly to ease harvest
pressure with just the last bit of beans to be cut nationally ahead of the
coming rains. The daily export wire saw sales of 132,000 metric tons and
165,150 metric tons to unknown. Basis should start to firm as shipping and
processors chew through the harvest bushels. On the January contract support is
the fresh low at $12.26 1/2 with resistance the 20-day at 12.75 3/4.
WHEAT:
Wheat futures are 1 to 2 cents lower in quiet trade with trade struggling to
find a second day of light buying to establish some momentum towards the
weekend with oversold conditions still in place. Open weather should allow the
remaining winter wheat to go in and emerge with early stand reports generally
good. Matif wheat is flat as the Euro firms. On the KC December chart
resistance is the 20-day at $6.94. Chart support is the fresh low at $6.36 1/2.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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