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DTN Midday Grain Comments 10/29 10:47
Corn, Wheat Futures Higher at Midday; Soybeans Lower
Corn futures are 1 to 3 cents higher at midday Tuesday; soybean futures are
2 to 4 cents lower; wheat futures are 9 to 11 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 3 cents higher at midday Tuesday; soybean futures are
2 to 4 cents lower; wheat futures are 9 to 11 cents higher. The U.S. stock
market is mixed at midday with the S&P 5 points higher. The U.S. Dollar Index
is 20 points higher. The interest rate products are weaker. Energy trade is
lower with crude down .20 with natural gas .04 lower. Livestock trade is mixed
with hogs leading. Precious metals are firmer with gold up 26.00.
CORN:
Corn futures are 1 to 3 cents higher at midday with light buying and firmer
spread action with little fresh news to drive buyers or sellers. Ethanol
margins look to remain rangebound in the short term. Weather should remain open
for most to keep harvest moving well ahead of normal through today before heavy
rains for the center of the Corn Belt slow things. Weekly crop progress showed
corn 81% harvested versus 64% on average. The daily export wire was quiet
Tuesday, ending our recent streak of sales. Basis action is starting to firm in
the areas that are post-harvest. On the December chart, the 20-day moving
average at $4.15 3/4 is resistance, with the recent low at $3.98 below that as
support.
SOYBEANS:
Soybean futures are 2 to 4 cents lower with trade holding just above the
recent lows with meal weakness continuing to limit upside. Meal is 2.50 to 3.50
lower and oil is 20 to 30 points higher. Weather should allow for harvest
cleanup through midweek. The weekly crop progress report showed harvest 89%
complete versus 78% on average with no major issues to hinder planting in South
America. Basis should start to recover further from harvest pressure as January
becomes front month. On the January chart, trade has support at the fresh lows
at $9.80 with the 20-day moving average at $10.16 the next level up.
WHEAT:
Wheat futures are 9 to 11 cents higher at midday as we bounce off the lower
end of the range during the day session as we got a bit oversold in the short
term. The weekly crop progress report showed planting at 80% versus 84% on
average; 56% emerged versus 61% on average; 38% good to excellent; and 23% poor
to very poor for the first conditions report, starting 9% lower than last year
with better rains expected over the next 7-10 days. MATIF wheat is showing
gains again Tuesday with a good close needed with the dollar still near the
recent highs. On the KC December chart, support is the lower Bollinger Band at
$5.61 which we tested overnight and resistance the 20-day moving average at
$5.91.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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