DTN Midday Grain Comments     10/13 10:51

   Tuesday: Corn, Soybeans and Wheat Higher at Midday

   Corn futures are 2 to 3 cents higher at midday, soybeans are 6 to 7 cents 
higher, and wheat futures are 4 to 6 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is weaker at midday with the S&P 20 points lower. The 
dollar index is 35 points lower. The interest rate products are firmer. Energy 
trade is mixed with crude .30 higher and natural gas .08 cents higher. 
Livestock trade is broadly weaker. Precious metals are flat with gold off 1.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with trade working to build 
further momentum off the lower end of the range after early overnight weakness 
with lightly firmer spread action. Ethanol margins remain strong with unleaded 
holding the upper end of the range even as it backs off a bit Tuesday morning. 
The daily export wire was quiet Tuesday with weekly inspections solid at 1.302 
million metric tons with YTD pace at 105%. Weather looks to slow some western 
and central harvest through midweek as rains return with the weekly report 
expected to show harvest still trailing average for now. Basis will likely see 
a bit of pressure as harvest continues. On the December chart the 20-day at 
$5.13 is resistance with the fresh low at $4.70 1/4 being support.

SOYBEANS:

   Soybeans are 6 to 7 cents higher at midday with trade again bouncing back 
from dime lower action overnight Monday with oil leading the product complex as 
meal volatility continues. Meal 2.50 to 3.50 lower and oil is 90 to 100 points 
higher. Harvest maybe slowed a bit with short term rains again with the weekly 
report likely to show progress just behind average again this week. The daily 
export wire was quiet with weekly inspections a little softer at 1.097 million 
metric tons with YTD pace at 127%. Basis is fading as fresh bushels come in. On 
the November contract chart resistance is the 20-day at 13.01 where we find the 
20-day moving average with the Lower Bollinger Band at 12.71 which we bounced 
from Friday.

WHEAT:

   Wheat futures are 4 to 6 cents higher with trade continuing to grind along 
the lower end of the range with the dollar easing and row crops adding a little 
support Tuesday morning. Drier weather should help wheat drilling catch up for 
much of the plains with emergence to follow suit with the weekly report likely 
to show the gap to average closing. Matif wheat is firmer with Euro corn 
continuing to gain as well. Weekly export inspections remain soft at 304,660 
metric tons with YTD pace at 65%. On the KC December chart resistance is the 
20-day at $7.53 with the recent low at $7.09 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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