DTN Midday Grain Comments     10/14 10:57

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

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 5 to 6 cents lower; wheat futures are flat to 4 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 5 to 6 cents lower; wheat futures are flat to 4 cents higher. The U.S. 
stock market is mixed at midday with the S&P off 25 but well off early day 
selling. The U.S. Dollar Index is 10 points lower. The interest rate products 
are firmer. Energy trade is weaker with crude off 1.25. Livestock trade has 
cattle firmer after another set of fresh highs early in the day with hogs off 
sharply again. Precious metals are missed with gold up 22.00, holding near all 
time highs.

CORN:

   Corn futures are flat to a penny higher at midday with trade seeing light 
buying after touching a short-term low overnight after China announced some 
retaliatory measures. Ethanol margins should remain solid despite the unleaded 
weakness with support from fresh harvest bushels flowing into plants. Harvest 
should continue to press on as we are likely near the halfway point nationally 
with enough open weather. Weekly export inspections eased a little at 1.130 
million metric tons (mmt), but we continue to run at 165% of last year's pace. 
On the December chart, support is at $4.09 1/2, the area of our fresh lows, 
then the late August low at $4.03 1/2 with resistance the 20-day moving average 
at $4.20.

SOYBEANS:

   Soybean futures are 5 to 6 cents lower at midday with action fading back 
toward $10.00 after the China response overnight. Meal is flat to 1.00 lower 
and oil is 20 to 30 points lower. Harvest should make good additional progress 
this week as we should be close to halfway done nationally. South American 
weather looks to be a nonissue into early planting for Brazil with early pace 
quick so far. Weekly export inspections improved to 994,008 metric tons (mt) 
but we are at 74% of last year's pace. On the November chart, resistance is at 
the 20-day moving average at $10.19, then the upper Bollinger Band at $10.43. 
November chart support is at $10.02, the overnight low, then the Oct. 1 low of 
$9.93 3/4.   

WHEAT:

   Wheat futures are flat to 4 cents higher at midday with light short-covering 
from fresh lows with little other fresh news to drive action. Warmer weather 
should help planting and emergence continue to catch up overall for winter 
wheat domestically. MATIF wheat remains on the lower end of the range as well 
with light buying. Weekly export inspections stayed rangebound at 444,138 mt 
with pace holding at 118% year-to-date. 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 $4.99.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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