DTN Midday Grain Comments     10/29 10:54

   Corn Futures Lower at Midday Wednesday; Soybeans, Wheat Narrowly Mixed

   Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 
narrowly mixed; and wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 
narrowly mixed; and wheat futures are narrowly mixed. The U.S. stock market is 
firmer at midday with the S&P up 12. The U.S. Dollar Index is 10 points higher. 
The interest rate products are weaker. Energy trade is mixed with crude up .75 
and natural gas is .05 lower. Livestock trade has cattle sharply higher after 
the recent washout and hogs firmer. Precious metals are firmer with gold up 
41.00.

CORN:

   Corn futures are 1 to 2 cents lower in quiet midday trade as we consolidate 
at the upper end of the range after filling the gap Tuesday while spread action 
continues to firm. Weekly ethanol production was 21,000 barrels per day lower 
with stocks up by 500,000 barrels on the week. Harvest pace should pick back up 
after the early week moisture. Fresh export sales are expected to remain active 
given the recent shipping pace along with trade optimism. Basis should start 
moving toward post-harvest levels into the beginning of November. On the 
December chart, support is the 20-day moving average at $4.19, with the summer 
gap filled at $4.33 and the next round up the recent high at $4.36 1/4.

SOYBEANS:

   Soybean futures are narrowly mixed with trade bouncing back from the early 
selling as we consolidate ahead of expected further trade announcements. Meal 
is 2.50 to 3.50 higher and oil is flat to 10 points higher. Harvest on 
remaining acres should pick back up toward the end of the week. South American 
weather looks to be a nonissue short term with Brazil continuing to see limited 
concerns to start the growing season. Basis should start to firm if a trade 
deal delivers a more normal fall export pace from here with talk of China 
buying three cargos to kick off an export program. On the November chart, 
resistance is the $10.91 area where we find the fresh high, with the Upper 
Bollinger Band at $10.71, which we faded back to overnight as we saw profit 
taking pick up.

WHEAT:

   Wheat futures are narrowly mixed as it looks to consolidate recent gains 
after scoring multiweek highs Tuesday with the spillover from row crops 
slowing. Weather should remain mostly favorable for the Plains short term with 
a trend toward a little more seasonal weather on deck with drier weather in the 
Southern Plains as emergence wraps up. MATIF wheat is softer this morning. 
Southern Hemisphere wheat remains in good shape as harvest continues. On the KC 
December chart, support is the Upper Bollinger Band at $5.17 that we jumped 
above earlier in the week with the next round up the fall high at $5.25 scored 
Tuesday and tested Wednesday morning.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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