DTN Midday Grain Comments     10/07 10:57

   Corn, Soybean , Wheat Futures Mixed at Midday

   Corn futures are steady to 1 cent higher; bean futures are steady to 1 cent 
lower; wheat futures are 3 to 4 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are steady to 1 cent higher, bean futures are steady to 1 cent 
lower, and wheat futures are 3 to 4 cents higher. The U.S. stock market is 
weaker at midday with the S&P 15 points lower. The Dollar Index is 5 points 
lower. The interest rate products are weaker. Energy trade has crude 2.10 
higher and natural gas is 0.11 lower. Livestock trade is mixed. Precious metals 
are weaker with gold down 5.00.

CORN:

   Corn futures are steady to a penny higher at midday in quiet trade to start 
the week with harvest continuing to push forward. Ethanol margins should see 
support from the strength in energies with corn easing off the upper end of the 
recent range. Weather looks to keep harvest moving along short term with 
flammability issues to persist with weekly crop progress likely to show harvest 
just ahead of the five-year average along with steady conditions. Basis action 
should see more pressure as bushels accumulate short term. The daily export 
wire saw 155,000 metric tons (mt) sold to Mexico with weekly export inspections 
solid at 933,274 mt. On the December chart the 20-day at 4.15 1/4 is support 
with the next round up at the fresh high at $4.34 1/4.

SOYBEANS:

   Soybeans futures are steady to 1 cent lower at midday with trade opening 
about a dime lower before firming back into the day session. Meal is 4.00 to 
5.00 lower and oil is 65 to 75 points higher. Warm and dry weather should push 
harvest further ahead of average with the weekly report expected to show 
progress well ahead of the five-year average and getting closer to the halfway 
point. South America will continue to look for rains to expand this week to 
kick planting into higher gear. The daily wire saw 172,500 mt sold to unknown 
destinations with weekly export inspections picking up steam at 1.431 million 
metric tons (mmt). Basis will likely continue to soften short term as available 
commercial storage fills up. The November chart support is at the 20-day moving 
average at $10.29 which we tested overnight, with the fresh high at $10.69 3/4 
as resistance.

WHEAT:

   Wheat futures are 3 to 4 cents higher at midday with trade finding light 
buying during the day session as we work to consolidate the upper end of the 
range with little other fresh news. Warm and dry weather will likely slow 
Plains planting a bit with the weekly report expected to show plantings and 
emergence just short of the five-year average. The dollar is just off the 
recent highs with MATIF wheat working back higher as well. Weekly export 
inspections were ok at 363,400 mt. On the KC

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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