DTN Midday Grain Comments     10/21 10:48

   Corn Futures Lower at Midday Tuesday; Soybeans Higher; Wheat Lower

   Corn futures are 2 to 3 cents lower at midday, soybean futures are 1 to 2 
cents higher, and wheat futures are 1 to 4 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday, soybean futures are 1 to 2 
cents higher, and wheat futures are 1 to 4 cents lower. The U.S. stock market 
is firmer at midday with the S&P up 7. The U.S. Dollar Index is 29 points 
higher. The interest rate products are firmer. Energy trade is mixed with crude 
up .30 and natural gas is off .03. Livestock trade is firmer with hogs coming 
off the lows. Precious metals are sharply lower, with gold off 215.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with action continuing to chop 
along nearby support. Ethanol margins look to remain stable to start the week, 
with unleaded values to continue to limit blender margins gains. Harvest should 
continue to make strong near-term progress. Fresh export sales remain 
unreported with the government shutdown, although a strong pace remains 
expected. Basis should be close to seeing maximal harvest pressure as well. On 
the December chart, support is the 20-day at $4.18 we cleared last week, with 
the summer gap still above the market at $4.33.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher with light follow-through buying 
after the strong start to the week, with product action being led by meal. Meal 
is .50 to 1.50 higher, and oil is 60 to 70 points lower. Harvest should make 
good additional progress this week, as we start to get towards the last quarter 
of acres nationally. South American weather looks to be a non-issue short-term 
as planting moves forward at a good pace. Basis will likely remain under 
pressure as the export program lags. On the November chart, resistance is the 
Upper Bollinger Band at $10.33, which we are just below at midday, with the 
20-day at $10.14 as support.

WHEAT:

   Wheat futures are 1 to 4 cents lower at midday, with trade seeing short 
covering limited by the firmer dollar, with overall rangebound action 
continuing. Weather should remain mostly favorable for the plains short term, 
with warmer-than-normal temperatures continuing to the beginning of November. 
MATIF wheat is flat today. 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 at the 20-day at $4.94.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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