DTN Midday Grain Comments     10/08 10:48

   Corn and Soybeans Lower; Wheat Mixed at Midday Thursday

   Corn futures are 3 to 4 cents lower at midday, soybeans are 9 to 10 cents 
lower, and wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday, soybeans are 9 to 10 cents 
lower, and wheat futures are narrowly mixed. The U.S. stock market is weaker at 
midday, with the S&P 26 points lower. The dollar index is 3 points higher. The 
interest rate products are weaker. Energy trade is firmer with crude 4.60 
higher and natural gas .03 cents lower. Livestock trade is broadly weaker. 
Precious metals are weaker, with gold off 1.00.

CORN:

   Corn futures are 3 to 4 cents higher, with action continuing to chop just 
below the $5.00 area as we head toward the WASDE report Friday, with early 
strength fading again. On the WASDE report, trade is looking for 177.6 BPA 
yield with carryout at 1.677 billion bushels. Ethanol margins remain strong 
with unleaded action giving blenders a boost today. The daily export wire was 
quiet with weekly sales slightly improved at 769,500 metric tons. Weather looks 
to remain mostly open short term to allow harvest to catch up. Basis will 
likely see a bit of pressure as harvest expands. On the December chart, the 
20-day at $5.20 is resistance with the recent low at 4.95 cents, which we've 
held three times now.

SOYBEANS:

   Soybeans are 9 to 10 cents lower at midday, with two-sided action overnight 
fading towards the day session, with meal gains easing as we head towards the 
report. Meal is $6.00 to $7.00 lower and oil is 35 to 45 points higher. On the 
WASDE report, trade is looking for 52.9 BPA for yield and carryout at 311 
million bushels. Harvest should quickly pick up the pace in the drier areas as 
the forecast stays warm and dry into next week. The daily export wire was 
quiet, with weekly sales soft for beans at 549,400 metric tons, but products 
were strong at 1.048 million metric tons of meal with 9,300 of oil. Basis is 
fading as fresh bushels come in. On the November contract chart, resistance is 
the 20-day at $13.04, where we find the 20-day moving average with the Lower 
Bollinger Band at $12.71.

WHEAT:

   Wheat futures are narrowly mixed at midday after sliding back to the lower 
end of the range yesterday, with the strong dollar continuing to limit upside 
and early session gains fading towards midday. Drier weather into early October 
should help planting catch up on the Plains after the slow start to date. Matif 
wheat is lightly higher today. Weekly export sales were improved at 451,600 
metric tons. On the report, carryout is expected to be at the 722 million 
bushel mark. On the KC December chart, resistance at the 20-day is at $7.65, 
with the recent 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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