DTN Midday Grain Comments     10/03 10:52

   Corn, Soybean Futures Lower at Midday; Wheat Flat-Lower

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
6 to 7 cents lower; wheat futures are flat to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
6 to 7 cents lower; wheat futures are flat to 6 cents lower. The U.S. stock 
market is mixed at midday with the S&P 9 points lower. The U.S. Dollar Index is 
35 points higher. The interest rate products are weaker. Energy trade has crude 
2.95 higher and natural gas is .08 higher. Livestock trade is weaker. Precious 
metals are mixed with gold up 2.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday with trade fading just off the 
upper end of the range with light day session selling. Ethanol margins continue 
to see pressure with corn holding the upper end of the range with slower fall 
driving demand likely to limit blending even with the bounce in unleaded this 
week. 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 short term. Weekly export sales were very strong at 1.68 
million metric tons (mmt). On the December chart, the 20-day moving average at 
$4.13 is support with the next round up at the fresh high at $4.34 1/4.

SOYBEANS:

   Soybean futures are 6 to 7 cents lower at midday with meal again leading 
product action lower as we repeat the pattern of overnight selling that firms 
back a bit during the day session as we have seen this week. Meal is 6.00 to 
7.00 lower and oil is 50 to 60 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 over the next seven days to get planting to 
expand. Weekly export sales were strong at 1.44 mmt of beans; -40,700 of old 
crop meal; 228,600 of new; 500 of old oil; and 30,800 of new. Basis will likely 
continue to soften in the short term. The November chart support is at the 
20-day moving average at $10.27, with the fresh high at $10.69 3/4 as 
resistance.

WHEAT:

   Wheat futures are flat to 6 cents lower at midday with trade looking to 
consolidate the midweek move to a higher range after pushing past $6.00 nearby 
Wednesday. Warm and dry weather will likely slow Plains planting pace a bit 
along with row-crop harvest ongoing. Planting weather remains dry in the Black 
Sea area as well. Weekly export sales rebounded solidly to 443,700 metric tons. 
The dollar continues to firm back toward the middle of the range with MATIF 
wheat edging lower as well. On the KC December chart, support is the 20-day 
moving average at $5.84, 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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