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DTN Midday Grain Comments     10/09 10:48

   Friday at Midday: Corn and Soybean Futures Higher; Wheat Futures Mixed

   Corn futures are 1 to 2 cents higher at midday, soybeans are 6 to 7 cents 
higher, and wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S&P 32 points higher. The 
dollar index is 15 points higher. The interest rate products are weaker. Energy 
trade is mixed with crude .30 higher and natural gas .06 cents higher. 
Livestock trade is mixed with cattle leading. Precious metals are firmer with 
gold up 50.00.

CORN:

   Corn futures are 1 to 2 cents higher in quiet action ahead of the 11 a.m. 
CDT WASDE report release with little other fresh news. On the WASDE report, 
trade is looking for 177.6 BPA yield with carryout at 1.677 billion bushels. 
Ethanol margins remain strong with unleaded fading a bit from the spike 
yesterday. The daily export wire was quiet to end of the week. Weather looks to 
remain mostly open short term to allow harvest to catch up with some rain 
chances early next week. Basis will likely see a bit of pressure as harvest 
expands. On the December chart the 20-day at $5.19 is resistance with the 
recent low at 4.95 cents which we've held three times now.

SOYBEANS:

   Soybeans are 6 to 7 cents higher at midday with meal leading as trade 
continues to chop around heading towards the report. Meal is 5.50 to 6.50 
higher and oil is 15 to 25 points higher. On the WASDE report, trade is looking 
for 52.9 BPA for yield and carryout at 311 million bushels. Harvest should 
quickly pick up the pace in the drier areas as the forecast stays warm and dry 
into next week before it could slow again. 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 at 13.04 where we find the 20-day 
moving average with the Lower Bollinger Band at 12.71.

WHEAT:

   Wheat futures are narrowly mixed at midday as we drift along the lower end 
of the range heading towards the report with spillover from row crops limited 
so far. Drier weather into early October should help planting catch up on the 
Plains after the slow start to date. Matif wheat is lightly firmer today. On 
the report, carryout is expected to be at 722 million bushel mark. On the KC 
December chart resistance is the 20-day at $7.62 with the recent low at $7.29 
as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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