DTN Midday Grain Comments     10/16 10:52

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

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
6 to 7 cents higher; wheat futures are flat to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
6 to 7 cents higher; wheat futures are flat to 3 cents higher. The U.S. stock 
market is mixed at midday with the S&P up 4 but well off early day highs. The 
U.S. Dollar Index is 30 points lower. The interest rate products are firmer. 
Energy trade is firmer with crude up .20 and natural gas is up .01. Livestock 
trade is mixed as cattle scoring fresh highs yet again. Precious metals are 
firmer with gold up 85.00, scoring fresh highs again.

CORN:

   Corn futures are 3 to 4 cents higher with trade pushing past nearby 
resistance Thursday morning as we've seen steady buying so far. 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 nationally. Fresh export sales remain unreported with the 
government shut down. 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 are just above at midday.

SOYBEANS:

   Soybean trade is 6 to 7 cents higher with oil leading the product side as we 
try to push past nearby resistance after the NOPA crush report came in 11 
million bushels (mb) above expectations. Meal is flat to 1.00 higher and oil is 
50 to 60 points higher. Harvest should make good additional progress this week 
as we should be heading to the homestretch as well. 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 3 cents higher with trade continuing to chop along 
the lower end of the range with some light short-covering again on the day 
session. Warmer weather should help planting and emergence continue to catch up 
overall for winter wheat domestically. MATIF wheat remains on the lower end of 
the range as well with selling so far today. 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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