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DTN Midday Grain Comments 10/23 10:44
Corn, Soybean, Wheat Futures All Higher at Midday Thursday
Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are
5 to 6 cents higher; wheat futures are 4 to 8 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are
5 to 6 cents higher; wheat futures are 4 to 8 cents higher. The U.S. stock
market is firmer at midday with the S&P up 25. The U.S. Dollar Index is 15
points higher. The interest rate products are weaker. Energy trade is firmer
with crude up 3.00 and natural gas is flat. Livestock trade is mixed with trade
working to consolidate short term. Precious metals are firmer with gold up
90.00.
CORN:
Corn futures are 1 to 2 cents higher at midday as we continue to struggle to
push past the $4.25 area on the front month with little fresh news. Ethanol
margins are getting a boost from the surge in unleaded values today. Harvest
should continue to make strong near-term progress as open weather continues
with most well past the halfway point. Fresh export sales remain unreported
with the government shutdown, although a strong pace remains expected short
term. Basis should be close to seeing maximal harvest pressure as well with
local improvements likely to start showing up. On the December chart, support
is the 20-day moving average at $4.19, with the summer gap still above the
market at $4.33.
SOYBEANS:
Soybean futures are 5 to 6 cents higher at midday with softer spread action
to start as we remain just below the fall highs. Meal is flat to 1.00 lower,
and oil is 85 to 95 points higher. Harvest should make good additional progress
this week we start to get toward the long season and double-crop acres wrap up.
South American weather looks to be a non-issue short term with Brazil mostly
catching good rains the past 7 days. Basis will likely remain under pressure as
the export program lags but should still be near harvest lows. On the November
chart, resistance is the Upper Bollinger Band at $10.39, which we are just
below with the 20-day moving average at $10.19 as support.
WHEAT:
Wheat futures are 4 to 8 cents higher with broader short covering picking up
during the day session despite the firmer dollar with KC testing nearby
resistance. Weather should remain mostly favorable for the Plains short-term
with warmer-than-normal temps continuing to the beginning of November. MATIF
wheat is flat today. Southern Hemisphere wheat remains in good shape as early
harvest goes. On the KC December chart, support is at the daily low of $4.77
1/2 with resistance at the 20-day moving average at $4.92, which we are just
above at midday.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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