DTN Midday Grain Comments     10/17 10:46

   Corn, Soybean Futures Higher at Midday Friday; Wheat Flat-Higher

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 6 
to 7 cents higher; wheat futures are flat to 1 cent higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 6 
to 7 cents higher; wheat futures are flat to 1 cent higher. The U.S. stock 
market is mixed at midday with the S&P off 12. The U.S. Dollar Index is 30 
points lower. The interest rate products are weaker. Energy trade is mixed with 
crude flat .20 and natural gas is up .05. Livestock trade has cattle sharply 
lower after the president's beef deal comments while hogs are flat. Precious 
metals are weaker with gold off 50.00, after scoring fresh highs again 
overnight.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade working to 
consolidate past the first level of resistance we cleared Thursday with mostly 
quiet action into another harvest weekend. Ethanol margins should see a little 
pressure from firmer corn with unleaded holding the lower end of the range to 
squeeze blenders. Harvest should continue to press on as we get to the back 
half of harvest nationally. Fresh export sales remain unreported with the 
government shutdown although a strong pace remains expected. On the December 
chart, support is at $4.09 1/2, the area of our fresh lows, then the 
late-August low at $4.03 1/2, with resistance the 20-day moving average at 
$4.19, which we cleared Thursday, with the summer gap area at $4.33 the next 
round higher.

SOYBEANS:

   Soybean futures are 6 to 7 cents higher at midday with meal leading the 
product complex along with positive comments on coming trade talks adding 
enthusiasm. Meal is 3.00 to 4.00 higher and oil is flat to 10 points higher. 
Harvest should make good additional progress this week as we should be heading 
to the homestretch. South American weather looks to be a nonissue in the short 
term as planting moves forward. On the November chart, resistance is at the 
20-day moving average at $10.13, which we are just above at midday, then the 
upper Bollinger Band at $10.28. November chart support is at $10.00, then the 
Oct. 1 low of $9.93 3/4.   

WHEAT:

   Wheat futures are flat to a penny higher with trade continuing to hold just 
above the nearby lows with sustained short-covering still limited but we are 
off the early lows. Weather should remain mostly favorable for the Plains in 
the short term. MATIF wheat remains on the lower end of the range as well with 
light buying Friday. Southern Hemisphere wheat continues to develop well. On 
the KC December chart, support is at the daily low of $4.77 1/2 with resistance 
the 20-day moving average at $4.96.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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