DTN Midday Grain Comments     10/01 10:45

   Corn and Soybeans Lower at Midday Thursday; Wheat is Mixed

   Corn futures are 2 to 3 cents lower at midday, soybeans are 16 to 17 cents 
lower, and wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is weaker at midday with the S&P 20 points lower. The 
dollar index is 50 points higher. The interest rate products are flat to 
firmer. Energy trade is mixed with crude 2.20 higher and natural gas .03 cents 
lower. Livestock trade is weaker. Precious metals are mixed with gold down 2.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with trade fading from light 
early gains as we fail to hold the $5.00 upfront post-report. On the report, 
stocks were 2.10 billion bushels vs. 1.92 billion expected.

   Ethanol margins continue to improve with cheaper corn and unleaded firming. 
The daily export wire was quiet again with weekly sales mediocre at 536,000 
metric tons. Weather looks to shift warmer and drier for the belt after today 
which should eventually allow harvest to regain momentum. Basis will likely 
continue to drift short term. On the December chart the 20-day at $5.32 is 
resistance with the fresh low at 4.95 cents scored overnight.

SOYBEANS:

   Soybeans are 16 to 17 cents lower at midday with trade drifting lower to 
start the new month with product action softer and little other fresh news 
along with negative outside market spillover.

   Meal is 6.00 to 7.00 lower and oil is 150 to 160 points lower. On the 
report, stocks were 315 million bushels vs. 323 million expected. Harvest will 
remain slowed by excess rains easing after today with harvest likely to 
accelerate quickly in the drier spots.

   The daily export wire was quiet with weekly sales ok at 1.034 million metric 
tons of soybeans, -51,500 metric tons of old meal, 212,700 of new meal, and 200 
of oil. Basis will start to drift lower if harvest can expand next week but 
will remain bid for now at processors in slow areas. On the November contract 
chart resistance is the 20-day at 13.13 where we find the 20-day moving average 
with the Lower Bollinger Band at 12.88 which are below at midday.

WHEAT:

   Wheat futures are narrowly mixed with KC action leading as we try to ease 
oversold conditions and work back from the post-report lows this morning with 
the sharply stronger dollar limiting upside. Stocks were 1.85 billion bushels 
vs. 1.895 billion expected. Drier weather into early October should help 
planting catch up on the plains. Matif wheat is solidly higher today. Weekly 
export sales remain soft at 289,300 metric tons. On the KC December chart 
resistance is the 20-day at $7.83 with the fresh 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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