DTN Midday Grain Comments     10/20 10:52

   Corn Futures Lower at Midday Monday; Soybeans Higher; Wheat Flat-Higher

   Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 9 
to 10 cents higher; wheat futures flat to 1 cent higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 9 
to 10 cents higher; wheat futures flat to 1 cent higher. The U.S. stock market 
is firmer at midday with the S&P up 65. The U.S. Dollar Index is 4 points 
higher. The interest rate products are mixed. Energy trade is mixed with crude 
off .40 and natural gas is up .28. Livestock trade is mostly higher with cattle 
stabilizing after the Friday washout. Precious metals are sharply higher with 
gold up 155.00, after scoring fresh highs again this morning.

CORN:

   Corn futures are 1 to 2 cents lower at midday in quiet trade with harvest to 
continue pushing forward with little other fresh news and softer spread action 
to start the week. Ethanol margins look to remain stable with unleaded values 
continuing to limit blender margins. Harvest should be well past the halfway 
point nationally. Fresh export sales remain unreported with the government 
shutdown, although a strong pace remains expected. Weekly export inspections 
were solid at 1.318 million metric tons (mmt), with year-to-date pace at 160%. 
On the December chart support is the 20-day moving average at $4.18, which we 
cleared last week, with the summer gap still above the market at $4.33.

SOYBEANS:

   Soybean futures are 9 to 10 cents higher at midday with trade back to the 
upper end of the fall range with meal leading the product complex. Meal is 2.00 
to 3.00 higher and oil is 15 to 25 points higher. Harvest should make good 
additional progress this week we start to get toward the last quarter of acres 
in all likelihood. South American weather looks to be a nonissue in the 
short-term as planting moves forward at a good pace. Weekly export inspections 
improved sharply to 1.474 mmt, but we remain at 70% on year-to-date pace. On 
the November chart, resistance is the Upper Bollinger Band at $10.33, which we 
tested overnight, with the 20-day moving average at $10.14.

WHEAT:

   Wheat futures are flat to 1 cent higher with sideways action holding at the 
lower end of the range with little other fresh news to drive action either way. 
Weather should remain mostly favorable for the Plains in the short-term with 
warmer-than-normal temps continuing. MATIF wheat is soft to start the week. 
Weekly export inspections improved a little bit to 480,614 metric tons, with 
year-to-date pace holding at 120%. 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 $4.95.  

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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