DTN Midday Grain Comments     10/04 10:46

   Corn, Soybean , Wheat Futures Lower at Midday

   Corn futures are 4 to 5 cents lower; soybean futures are 7 to 8 cents lower 
and wheat futures are 10 to 14 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower; soybean futures are 7 to 8 cents lower 
and wheat futures are 10 to 14 cents lower. The U.S. stock market is flat at 
midday with the S&P 9 points higher. The dollar index is 60 points higher. The 
interest rate products are weaker. Energy trade has crude .70 higher and 
natural gas is .11 lower. Livestock trade is mixed. Precious metals are firmer 
with gold up 1.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with trade fading further off 
the upper end of the range with harvest pressure into the weekend and risk off 
action in ag this morning. Ethanol margins should get boost from the bounce in 
energies while corn edges back from the highs. Weather looks to keep harvest 
moving along at a good clip short term. Basis action should see more pressure 
as bushels accumulate short term. The daily export wire saw 198,000 metric tons 
sold to unknown. On the December chart the 20-day at 4.14 3/4 is support with 
the next round up at the fresh high at $4.34 1/4.

SOYBEANS:

   Soybeans futures are 7 to 8 cents lower with trade giving back the overnight 
strength as products turn lower with harvest pressure picking up into the 
weekend. Meal is 2.00 to 3.00 lower and oil is 50 to 60 points lower. Warm and 
dry weather should push harvest further ahead of average into midmonth with the 
halfway point to approach rapidly. South America will continue to look for 
rains over the next seven days to get planting to expand into midmonth. The 
daily wire saw 116,000 metric tons sold to China. Basis will likely continue to 
soften short term. The November chart support is at the 20-day moving average 
at $10.29, with the fresh high at $10.69 3/4 as resistance.

WHEAT:

   Wheat futures are 10 to 14 cents lower at midday with trade fading further 
off the highs with dollar strength and world values easing after early week 
strength. Warm and dry weather will likely slow plains planting pace a bit 
along with row crop harvest ongoing. Planting weather remains dry in the Black 
Sea area as well, but nearby export offers have remained flat. The dollar is at 
the highest level since late August with MATIF wheat sharply lower as well. On 
the KC December Chart support is the 20-day at $5.85, with the fresh high at 
$6.22 the next level up.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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