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DTN Midday Grain Comments 10/02 10:58
Corn, Soybean, Wheat Futures All Higher at Midday Thursday
Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are
3 to 4 cents higher; wheat futures are 2 to 6 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are
3 to 4 cents higher; wheat futures are 2 to 6 cents higher. The U.S. stock
market is mixed with the S&P 12 lower. The U.S. Dollar Index is 36 points. The
interest rate products are mixed. Energy trade is mostly lower with crude off
.90 and natural gas up .09. Livestock trade is mostly lower. Precious metals
are weaker with gold 45.00 lower.
CORN:
Corn futures are 1 to 2 cents higher in midday trade as we hold the
late-session rebound from Wednesday with little other fresh news. The weather
should keep harvest moving as warmer temps should allow for harvest progress to
catch up further with some rains expected early next week. Ethanol margins are
seeing a little pressure as corn rebounds and unleaded edges lower. The daily
export wire will be quiet for the duration of the shutdown along with no weekly
sales reports. On the December chart, the 20-day moving average at $4.21 3/4 is
resistance, which we are just below. Chart support is the lower Bollinger Band
at $4.12, which we are tested Wednesday.
SOYBEANS:
Soybean futures are 3 to 4 cents higher at midday with trade holding the
gains after further updates on scheduled trade talks with China were given
along with indications that aid for soybean producers will be announced next
week. Meal is 2.50 to 3.50 higher and oil is 10 to 20 points lower. Open
weather should allow harvest to expand further in the short term. South
American weather looks to be a non-issue into early planting time with many of
the drier areas catching up rain-wise. On the November chart, resistance is the
20-day moving average at $10.24 with support at the $9.95 lower Bollinger Band.
WHEAT:
Wheat futures are 2 to 6 cents higher at midday with trade again working to
bounce off the lower end of the range after scoring fresh lows early Wednesday.
Warmer weather should help planting and emergence continue to catch up after
the slightly slow start. MATIF wheat remains on the lower end of the range as
well with light buying today. Southern Hemisphere wheat has seen limited issues
so far with the Australian crop in great shape. On the KC December chart,
resistance is the 20-day moving average at $5.08 with the lower Bollinger Band
at $4.95 as support with a fresh low at $4.88 scored Wednesday.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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