DTN Midday Grain Comments 10/05 12:06

DTN Midday Grain Comments 10/05 12:06 Grains Mixed at Midday Beans are seeing double-digit midday gains. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher; the Dow futures are up 100. The interest rate products are lower. The dollar index is 43 higher. Energies are firmer with crude up $1 sitting over $51. Livestock trade is mostly higher. Precious metals are narrowly mixed. CORN Corn trade is a penny higher at midday due to spillover support from beans and wet harvest conditions. Outside markets are mixed with crude higher and the dollar higher as well. The weekly export sales were around the high side of expectations at 814,100 tons. Harvest pressure continues to weigh on the market but with the slowing harvest pace that appears to be leveling out. 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 $3.52 20-day then the $3.58 3-week high printed Friday. SOYBEANS Soybean trade is 11 to 12 cents higher at midday with some follow-through buying after the turn higher yesterday also firm meal trade and wet weather is noted as supportive. Meal is $7 higher and bean oil is 20 points lower. The weekly soybean sales were 1.016 million tons, meal 12,000 tons of old crop and 328,500 tons of new crop boosting meal futures. Bean oil sales were only 2,600 of old and 14,600 of new. Harvest yield news should give the market direction going into the weekend. On the November chart, the recent $9.37 low remains major chart support, with the 20-day at $9.64 now nearby support with resistance at the $9.76 200-day moving average then the $9.87-$9.89 area of the two-month highs. WHEAT Wheat trade is narrowly mixed at midday in slow trade. The weekly export sales number was only 492,300 tons which was in the middle of expectations. The dollar strength today is noted limiting upside in wheat. US export business will continue to be at a disadvantage in the near term with Black-Sea origins. Australia continues to see some weather struggles as their growing season moves forward. Rains across Kansas should boost moisture levels that will be helpful for winter wheat. On the December Kansas City support is the contract low at $4.20 with the 20-day at $4.44 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.