DTN Midday Grain Comments     10/02 10:50

   Corn, Wheat Futures Higher at Midday; Soybeans Lower

   Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures 
are 5 to 6 cents lower; wheat futures are 16 to 23 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures 
are 5 to 6 cents lower; wheat futures are 16 to 23 cents higher. The U.S. stock 
market is firmer at midday with the S&P 10 points higher. The U.S. Dollar Index 
is 45 points higher. The interest rate products are weaker. Energy trade has 
crude .55 higher and natural gas is .02 higher. Livestock trade is sharply 
higher. Precious metals are mixed with gold off 23.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday with trade again pressing to 
a new high for the move with steady spread action with spillover support from 
wheat helping to keep buying going as harvest pressure builds. The weekly 
ethanol report showed stocks flat and production 21,000 barrels per day (bpd) 
higher. Weather looks to return to warm and dry for most to keep harvest moving 
along quickly into early October. Basis action should see more pressure as 
bushels accumulate in the short term. Weekly export sales are expected to be in 
the 650,000 to 850,000 metric ton (mt) range Thursday. On the December chart, 
the 20-day moving average at $4.12 is support with the next round up at the 
fresh high at $4.34 1/4.

SOYBEANS:

   Soybean futures are 5 to 6 cents lower with trade firming again from the 
overnight lows with oil leading the product complex. Meal is 8.00 to 9.00 lower 
and oil is 75 to 85 points higher. Warm and dry weather should push harvest 
pace with the current pattern carrying into midmonth. South America will 
continue to look for rains in the second week of the forecast to expand 
planting with warm and dry conditions for the balance of this week. Weekly 
export sales are expected to be in the 1.0 to 1.25 million metric ton (mmt) 
range. Basis will likely continue to soften in the short term. The November 
chart support is at the 20-day moving average at $10.25, with the fresh high at 
$10.69 3/4 as resistance.

WHEAT:

   Wheat futures are 16 to 23 cents higher at midday with trade pressing into 
fresh highs for the move with risk-on buying on weather and geopolitical 
concerns with KC action leading. Warm and dry weather will likely slow Plains 
planting pace a bit with some progress to continue amid row-crop harvest. The 
dollar continues to firm back toward the middle of the range with MATIF wheat 
up sharply as well. On the KC December chart, support is the 20-day moving 
average at $5.82, with the fresh high at $6.22 the next level up.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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