DTN Midday Grain Comments     10/12 10:52

   Corn Futures Higher at Midday Monday; Soybeans, Wheat Lower

   Corn futures are 1 to 2 cents higher at midday Monday; soybean futures are 6 
to 7 cents lower; wheat futures are 2 to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Monday; soybean futures are 6 
to 7 cents lower; wheat futures are 2 to 7 cents lower. The U.S. stock market 
is mixed at midday with the S&P 4 points lower. The U.S. Dollar Index is 27 
points higher. The interest rate products are closed for the Columbus Day 
holiday. Energy trade is mixed with crude 1.95 higher and natural gas .02 cents 
lower. Livestock trade is mixed with hogs leading. Precious metals are mixed 
with gold off 25.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade staying off the 
post-report lows from Friday in quiet two-sided action. On the World 
Agricultural Supply and Demand Estimates (WASDE) report, yield came in at 181.2 
bushels per acre (bpa) versus 177.6 bpa expected, with carryout at 1.849 
billion bushels (bb) versus 1.677 bb expected and world stocks up 8.1 million 
metric tons (mmt) from last month. Ethanol margins remain strong with unleaded 
holding the upper end of the range. The daily export wire was quiet to end the 
week with weekly inspections delayed because of Columbus Day. Weather looks to 
remain mostly open in the short term to allow harvest to catch up before some 
rain potential midweek and the weekly Crop Progress report is delayed to 
Tuesday, Oct. 13. Basis will likely see a bit of pressure as harvest expands. 
On the December chart, the 20-day moving average at $5.15 and resistance with 
the fresh low at $4.70 1/4 being support.

SOYBEANS:

   Soybean futures are 6 to 7 cents lower at midday with trade gapping slightly 
lower to start the week and continuing to chop around the recent range. Meal is 
flat to 1.00 higher and oil is 15 to 25 points higher. On the WASDE report, 
yield came in at 53.1 bpa versus 52.9 bpa expected and carryout was at 315 
million bushels (mb) versus 311 mb expected and world stocks were flat. Harvest 
should quickly pick up the pace in the drier areas as the forecast stays warm 
and dry into midweek, with harvest likely back near average when the Crop 
Progress report is released Tuesday. The daily export wire was quiet to end the 
week. Basis is fading as fresh bushels come in. On the November contract chart, 
resistance is the 20-day moving average at $13.03 where we find the Lower 
Bollinger Band at $12.71, which we bounced from Friday.

WHEAT:

   Wheat futures are 2 to 7 cents lower at midday. Trade is again trying to 
establish support at the lower end of the range post-report with little fresh 
news otherwise and row-crop spillover limited. Drier weather should help wheat 
drilling catch up for much of the Plains with emergence to follow suit. Matif 
wheat is a bit firmer Monday with the weaker Euro. On the WASDE report, 
carryout was 740 mb versus 722 mb expected. On the KC December chart, 
resistance is the 20-day moving average at $7.57 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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