DTN Midday Grain Comments 10/06 11:10

DTN Midday Grain Comments 10/06 11:10 Grains Flat to Higher at Midday Trade is near unchanged at midday with exception of spring wheat moving higher. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower; the Dow futures are down 20. The interest rate products are mostly lower. The dollar index is 8 lower. Energies are down sharply with crude down 1.50. Livestock trade is mixed. Precious metals are narrowly mixed. CORN Corn trade is flat to 2 cents higher at midday with action staying within the narrow recent range. Harvest pressure continues to weigh on the market but with the slowing harvest pace that appears to be leveling out with isolated basis moves showing up around end users as slow harvest helps to dispose of carried in bushels. On the daily wire, we saw and export sale of 195,000 metric tons to unknown. 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 coming forward, along with disappointing Ukrainian yields early on. 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 flat to 2 cents higher at midday with trade working to consolidate the gains from Thursday with two sided trade early on. Meal is flat to $1 higher and bean oil is flat to 10 points lower. Slow harvest progress should help to support basis in the near term, with the rains helping slow shipping disruptions down the road. 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 flat to 8 cents higher at midday with trade led by the spring wheat with winter wheat remaining at the lower end of the recent range. The stronger dollar continues to work against trade but the rally is showing sides of fading again. U.S. 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 but may extend planting delays as we get later in the season. 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.