DTN Midday Grain Comments     10/03 10:45

   Corn, Wheat Futures Mixed at Midday Friday; Soybeans Higher

   Corn futures are narrowly mixed at midday Friday; soybean futures are 2 to 3 
cents higher; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Friday; soybean futures are 2 to 3 
cents higher; wheat futures are narrowly mixed. The U.S. stock market is firmer 
with the S&P 27 higher. The U.S. Dollar Index is 15 points lower. The interest 
rate products are weaker. Energy trade is mostly higher with crude up .60 and 
natural gas off .08. Livestock trade is mixed. Precious metals are sharply 
higher with gold 40.00 higher.

CORN:

   Corn futures are narrowly mixed in quiet trade at midday as we head into 
another harvest weekend, which will likely open the door to late hedge 
pressure. The weather should keep harvest moving as warmer temps should allow 
for harvest progress to catch up further with some rains expected early next 
week. Ethanol margins are seeing a little pressure as corn rebounds and 
unleaded edges lower. The daily export wire will be quiet for the duration of 
the shutdown. On the December chart, the 20-day moving average at $4.22 3/4 is 
resistance, which we are just below at midday. Chart support is the lower 
Bollinger Band at $4.12, which we bounced from midweek.

SOYBEANS:

   Soybean futures are 2 to 3 cents higher in quiet action at midday as well, 
with trade working to consolidate the rebound after the post report test lower 
as we wait for more trade and aid developments. Meal is 2.00 to 3.00 higher and 
oil is 20 to 30 points lower. Open weather should allow harvest to expand 
further short term. South American weather looks to be a non-issue into early 
planting time with many of the drier areas catching up rain-wise, along with 
exports continuing to flow out. On the November chart, resistance is the 20-day 
moving average at $10.24, which we are just above at midday with support at the 
$9.97 lower Bollinger Band.

WHEAT:

   Wheat futures are narrowly mixed with action holding the midweek rebound, 
but not finding enough buying to test nearby resistance. Warmer weather should 
help planting and emergence continue to catch up after the slightly slow start 
on the plains. MATIF wheat remains on the lower end of the range as well with 
light buying today. Southern Hemisphere wheat continues to develop well, 
keeping world concerns limited. On the KC December chart, resistance is the 
20-day moving average at $5.08 with the lower Bollinger Band at $4.95 as 
support with a fresh low at $4.88 scored Thursday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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