DTN Midday Grain Comments     10/10 10:50

   Corn, Soybean, Wheat Futures All Lower at Midday Friday

   Corn futures are 5 to 6 cents lower at midday Friday; soybean futures are 19 
to 20 cents lower; wheat futures are 6 to 9 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Friday; soybean futures are 19 
to 20 cents lower; wheat futures are 6 to 9 cents lower. A comment from 
President Trump on social media that he has no reason to meet with China's 
leader Xi is credited with the selloff. The U.S. stock market is weaker with 
the S&P 100 lower. The U.S. Dollar Index is 60 points lower. The interest rate 
products are firmer. Energy trade is lower with crude off 2.20 and natural gas 
off .10. Livestock trade is weaker with cattle coming off the highs. Precious 
metals are mostly higher with gold 51.00 higher.  

CORN:

   Corn futures are 5 to 6 cents lower with broad risk-off trade picking up 
after trade talks with China were apparently called off. The forecast looks 
open enough to keep harvest moving along. Ethanol margins will likely narrow a 
bit as unleaded eases again but should remain good enough to support 
production. The daily export wire will be quiet for the duration of the 
shutdown with expectations of sales remaining solid in the interim. On the 
December chart, the 20-day moving average at $4.21 is resistance which we faded 
from Thursday. Chart support is the lower Bollinger Band at $4.14 which we are 
testing at midday.

SOYBEANS:

   Soybean futures are 19 to 20 cents lower at midday with trade falling 
through the 20-day moving average after failing to hold the midweek move with 
product weakness accelerating after the trade news. Meal is 1.00 to 2.00 lower 
and oil is 100 to 110 points lower. Harvest should make good progress around 
the rains especially to the east and north toward the weekend. South American 
weather looks to be a nonissue into early planting for Brazil with early pace 
quick so far. On the November chart support is the 20-day moving average at 
$10.23, which we are back below at midday, with further support at the $9.96 
lower Bollinger Band.

WHEAT:

   Wheat futures are 6 to 9 cents lower with fresh lows being scored again in 
KC action as trade failed to hold the light midweek strength with negative 
spillover from the row crops. Warmer weather should help planting and emergence 
continue to catch up overall for winter wheat on the Plains with demand for 
wheat pasture likely strong this year. MATIF wheat remains on the lower end of 
the range as well with selling returning as the euro firms. Southern Hemisphere 
wheat continues to develop well with a little stress starting to show in 
Australia late in the growing season. On the KC December chart, resistance is 
the 20-day moving average at $5.03 with the fresh low at $4.80 3/4 scored 
Friday morning as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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