DTN Midday Grain Comments 10/09 11:08

DTN Midday Grain Comments 10/09 11:08 Grains Mixed in Midday Trade Quiet trade to open the week with soybeans the leader at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is closed for Columbus Day. The interest rate products are also closed. The dollar index is 8 lower. Energies are narrowly mixed with crude up a nickel. Livestock trade is mixed. Precious metals are mixed with gold up $9.00. CORN: Corn trade is flat to 1 cent lower at midday after some light two-sided trade to start the week as harvest progress will remain slow to start the week. Ethanol margins remain mostly steady with sideways trade extending in the energy complex Monday morning, with futures edging slightly lower. Due to the holiday, the weekly Crop Progress and Export Inspections reports will be delayed until Tuesday, Oct. 8. 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 three-week high. SOYBEAN: Soybean trade is 1 cent to 3 cents higher at midday with trade mostly holding the late-week gains after early strength faded overnight. Meal is $1 to $2 higher and oil is 5 points to 15 points higher. Slow harvest progress should help to support basis in the near term with the rains helping to slow shipping disruptions down the road as water moves back into the river systems with the successive rain systems. South American weather remains mixed in the near term with drier weather expected for Argentina, which will allow planting to progress. Trade will be looking for a more active daily wire now that China is back from the fall holiday break. On the November chart, the recent $9.37 low remains as major chart support, with the 20-day at $9.66 now nearby support with resistance at the $9.76 200-day moving average then the $9.87 to $9.89 area of the two-month highs. WHEAT: Wheat trade is 3 cents to 6 cents lower across the three contracts with trade testing the lower end of the range coming out of the weekend. The dollar rally continues to fade but remains over $93 on the index. U.S. export business will continue to be at a disadvantage in the near term with Black Sea origins continuing to dominate. 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.