DTN Midday Grain Comments     10/02 10:47

   Corn, Soybeans and Wheat: Lower at Midday Friday

   Corn futures are 5 to 6 cents lower at midday, soybeans are 5 to 6 cents 
lower, and wheat futures are 1 cent lower to 3 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S&P 50 points higher. The 
dollar index is 20 points lower. The interest rate products are flat to weaker. 
Energy trade is weaker with crude 2.50 lower and natural gas .01 cent lower. 
Livestock trade is mixed with hogs leading. Precious metals are mixed with gold 
down 31.00.

CORN:

   Corn futures are 5 to 6 cents lower at midday with trade still chopping 
right below the $5.00 area up front with overall action lacking conviction post 
report with early supportive outside markets fading. Ethanol margins look to 
remain strong with blender margins still very strong even with unleaded 
pullback this morning. The daily export wire saw 218,600 metric tons sold to 
Mexico. Weather looks to shift warmer and drier for the belt after today which 
should eventually allow harvest to regain momentum into mid-month. Basis will 
likely continue to drift short term. On the December chart the 20-day at $5.27 
is resistance with the fresh low at 4.95 cents scored Thursday.

SOYBEANS:

   Soybeans are 5 to 6 cents lower at midday with trade continuing to drift 
lower with little fresh news along with the slow start to harvest keeping 
buyers wary especially as the meal short squeeze continues to work lower. Meal 
is 3.50 to 4.50 lower and oil is 130 to 140 points higher. Harvest should 
quickly pick up the pace in the drier areas as the forecast shifts to warm and 
dry for most. The daily export wire was quiet to end the week. Basis will start 
to fade as fresh bushels come in. On the November contract chart resistance is 
the 20-day at 13.07 where we find the 20-day moving average with the Lower 
Bollinger Band at 12.76 which are testing at midday.

WHEAT:

   Wheat futures are 1 cent lower to 3 cents higher at midday with trade 
working to find some short term buying as we remain oversold with the dollar 
elevated to limit upside. Drier weather into early October should help planting 
catch up on the plains. Matif wheat is firmer again today with but off the 
early highs. On the KC December chart resistance is the 20-day at $7.79 with 
the fresh low at $7.29 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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