DTN Midday Grain Comments     10/14 11:23

   Corn, Soybean, Wheat Futures All Lower at Midday

   Corn futures are 5 to 6 cents lower at midday Monday; soybean futures are 3 
to 4 cents lower; wheat futures are 10 to 11 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Monday; soybean futures are 3 
to 4 cents lower; wheat futures are 10 to 11 cents lower. The U.S. stock market 
is firmer at midday with the S&P 37 points higher. The U.S. Dollar Index is 28 
points lower. The interest rate products are lower. Energy trade is lower with 
crude down 35 cents. Livestock trade is mixed with cattle higher and hogs 
lower. Precious metals are lower with gold off 13.00.

CORN:

   Corn futures ranged overnight from near unchanged to around 6 cents lower 
where we are at midday. Harvest pressure and limited fresh supportive news is 
noted for the lower trade along with the not-so-great finish on the chart 
Friday. The negative close after the USDA numbers provided lackluster buying 
Monday. The production number on the WASDE was slightly bigger than the average 
guess but well within trade expectations. Weather looks to keep harvest moving 
ahead as we are at the halfway point nationally. On the December chart, the 
50-day moving average at $4.07 is support with the 20-day moving average at 
$4.18 resistance, then the $4.23 ten-day moving average.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower at midday in slow action after some 
mixed trade overnight. The trade is balancing news of some mixed yield results 
and the USDA WASDE numbers from Friday. Meal is $2.80 higher and oil is 115 
lower on the December contracts. Warm and dry weather should keep pushing 
harvest further ahead of average. Some effects of the warmer, drier August into 
September have later harvested yields expected to be disappointing. South 
American planting should see better advancement this week. On the November 
chart, trade slipped below the 50-day moving average, at $10.09 1/2 Friday, and 
has remained below it; this is now resistance. Support is at the $9.92 lower 
Bollinger Band. The low Monday morning is over 70 cents below the September 
high and 45 cents above the August low.

WHEAT:

   Wheat futures are 10 to 11 cents lower at midday. Wheat trade appears to 
need bullish fresh news to extend the range higher, above the $6.25 level on 
December KC. The WASDE on Friday had the world carryover at 257.2 million 
bushels (mb) versus 256.4 mt, which was nothing to get bulls excited about. 
Warm and dry weather will keep challenging Plains seeding, while the Black Sea 
area is expected to see some moisture relief. On the KC December chart, support 
is the 50-day moving average at $5.77, with the 10-day moving average at $6.05 
now chart resistance. The trade should be watching the winter wheat planting 
progress number with interest Tuesday afternoon. Weekly crop progress is 
delayed due to Monday's holiday.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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