DTN Midday Grain Comments 10/03 11:07

DTN Midday Grain Comments 10/03 11:07 Slow-Moving Grains Mixed at Midday Wheat is slightly higher, corn and beans lower in slow midday action. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher; the Dow futures are up 70. The interest rate products are higher. The dollar index is 19 lower. Energies are narrowly mixed. Livestock trade is higher. Precious metals are flat with gold 0.20 higher. CORN Corn trade is 1 to 2 cents lower at midday. The weekly crop ratings Monday afternoon had corn at 63% good to excellent, up 2% on the week which is noted for the lower trade. The weekly crop progress had 96% of the crop dented, 2% behind average, 68% mature, 10% behind average, and 17% harvested 9% behind average. Harvest pressure should help the bears near term with bulls calling for delays due to moisture. Cash corn prices are struggling reminding the market of the large carryover. The USDA monthly report is due out next Thursday which will also be a reminder of the large supply side items. Demand needs to remain strong; lower prices should also be encouraging usage. On the December chart support is at the $3.44 1/4 contract low with resistance at the $3.58 3-week high printed Friday. SOYBEANS Soybean trade is fractionally to around a penny lower at midday with two sided trade so far. Meal is $1 to $2 higher and oil is 10 to 20 higher. Outside markets are mixed with no major movement. Harvest yield news should give the market direction this week; we have slipped to a new 3-week low but remain around the middle of our 2-month range. South American planting should improve into the beginning of October with the near term pattern continuing. The weekly crop conditions remained at 60% good to excellent but 1% moved from good to excellent. The crop progress numbers had 80% dropping leaves, 2% ahead of average, and 22% harvested, 4% behind average. The daily wire will continue to be watched for activity with nothing on the wire today. On the November chart, the recent $9.37 low remains chart support, with the 20-day at $9.66 nearby resistance. WHEAT Wheat trade is fractionally to 3 cents higher at midday with trade trying to gain back some of the Monday losses. The dollar was firmer moving to a new 1-month high but we are lower here at midday adding support to futures. The weekly crop progress had spring wheat planting at 36% complete, 7% behind average with 12% emerged, 4% behind average. U.S. export business will continue to be at a disadvantage in the near term with Black Sea origin winning the tender, albeit at slightly higher prices. Market bulls look for the lower prices to find demand. On the December Kansas City support is the contract low at $4.20 with the 20-day at $4.45 resistance. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.