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DTN Midday Grain Comments 10/09 10:47
Soybean Futures Lower at Midday Thursday; Corn Mixed; Wheat Flat-Higher
Corn futures are narrowly mixed at midday Thursday; soybean futures are 2 to
4 cents lower; wheat futures are flat to 5 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are narrowly mixed at midday Thursday; soybean futures are 2 to
4 cents lower; wheat futures are flat to 5 cents higher. The U.S. stock market
is weaker with the S&P 20 lower. The U.S. Dollar Index is 50 points higher. The
interest rate products are weaker. Energy trade is mostly lower with crude off
.20 and natural gas off .03. Livestock trade is mixed with cattle scoring fresh
highs on the back months for live and feeder cattle again. Precious metals are
mostly lower with gold 33.00 lower.
CORN:
Corn futures are narrowly mixed in quiet midday action as we continue to
chop just below nearby resistance with lightly firmer spread action again. The
forecast looks open for harvest with warmer temps to push remaining harvest
along. Ethanol margins should remain solid in the short term. The daily export
wire will be quiet for the duration of the shutdown with expectations of sales
remaining solid in the interim. On the December chart, the 20-day moving
average at $4.22 3/4 is resistance, which we are testing at midday. Chart
support is the lower Bollinger Band at $4.15.
SOYBEANS:
Soybean futures are 2 to 4 cents lower with light product weakness as we
fade back toward the 20-day moving average after pushing through it Wednesday
as trade and aid uncertainty continues to hang over the market. Meal is flat to
1.00 lower and oil is 20 to 30 points lower. Harvest should make good progress
around the rains especially to the east and north toward the weekend. South
American weather looks to be a nonissue into early planting for Brazil with
early pace quick so far. On the November chart, support is the 20-day moving
average at $10.23, which we are just above at midday, with further support at
the $9.96 lower Bollinger Band.
WHEAT:
Wheat futures are flat to 5 cents higher at midday with trade seeing light
short-covering again to start with another strong finish needed to get trade
more excited in the short term. Warmer weather should help planting and
emergence continue to catch up overall for winter wheat on the Plains. MATIF
wheat remains on the lower end of the range as well with decent buying.
Southern Hemisphere wheat continues to develop well with a little stress
starting to show in Australia late in the growing season. On the KC December
chart, resistance is the 20-day moving average at $5.05 with the lower
Bollinger Band at $4.95 as support with a fresh low at $4.88 scored last week.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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