DTN Midday Grain Comments     10/29 10:51

   Midday Thursday: Corn and Soybeans Lower; Wheat is Higher

   Corn futures are 1 to 2 cents lower at midday, soybeans are 6 to 8 cents 
lower, and wheat futures are 3 to 6 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday, soybeans are 6 to 8 cents 
lower, and wheat futures are 3 to 6 cents higher. The U.S. stock market is 
weaker at midday with the S&P off 12 points. The U.S. Dollar Index is 22 points 
lower. The interest rate products are firmer. Energy trade is weaker with crude 
off 2.50 and natural gas off .10. Livestock trade is mixed with hogs rebounding 
from fresh lows. Precious metals are weaker with gold 16.00 lower. 

CORN:

   Corn futures are 1 to 2 cents lower at midday with two-sided action fading 
to fresh lows during the day session before trying to bounce as we remain 
deeply oversold. 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 with weekly sales 
solid at 1.304 million metric tons. Harvest should push ahead before rains can 
slow action into the weekend. On the December chart the 20-day at $4.74 is 
nearby resistance. Chart support is at the $4.40 lower Bollinger Band and $4.47 
1/2 two-month low area. 

SOYBEANS:

   Soybean futures are 6 to 8 cents lower at midday as trade gets more oversold 
heading into the November contract delivery period with broad product weakness. 
Soybean meal is 7to 8 lower and oil is 10 to 20 points lower. 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 
was quiet again today with weekly export sales very strong at 2.576 million 
metric tons with meal at 347,500 and oil at 11,600. 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 at 20-day at 
12.78 3/4.

WHEAT:

   Wheat futures are 3 to 6 cents higher as we continue to grind along the 
lower end of the range with deeply oversold conditions persisting as well with 
some mid-morning buying showing up. Open weather should allow the remaining 
winter wheat to go in and emerge with early stand reports generally good. Matif 
wheat is lightly weaker again as the Euro firms. Weekly export sales were a 
marketing year high at 849,800 metric tons. On the KC December chart resistance 
is the 20-day at $6.98. 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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