DTN Midday Grain Comments 10/25 11:20

DTN Midday Grain Comments 10/25 11:20 Wheat Mixed,Corn and Soybeans Trending Higher at Midday Trade migrates back to unchanged at midday after early strength. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is lower this morning with the Dow down 105 points. The interest rate products are lower. The dollar index is 10 lower. Energies are mixed with crude up $0.35. Livestock trade is mostly lower. Precious metals are mixed with gold down $0.30. CORN Corn trade is flat to 1 cent higher at midday with trade following the lead of the stronger soybean trade early on before fading. Ethanol margins have narrowly slightly so far this week with firmer corn and a flat energy complex with the weekly report showing production 20,000 barrels higher, and stocks down 446,000 barrels, with futures slightly lower post report. Basis should see harvest pressure while carry continues to work at wide levels. Weather looks to remain open for the west with the east still slow as cooler temperatures move in. On the December chart support is at the $3.42 1/2 low with resistance at the $3.53 50-day moving average which we are testing this morning then the $3.58 six-week high. SOYBEANS Soybean trade is flat to 3 cents higher at midday with trade finding light buying as harvest continues to head down the back stretch. Meal is $2 to $3 higher and oil is narrowly mixed. South American weather is expected to ease the drier areas in next 7-14 days as planting progresses. Soybean basis has remained mostly steady with carry slightly wider this morning. The daily export wire has been quiet this week, raising some demand concerns but the overnight action indicates some fresh business likely got done but no announcement was made. On the November chart, trade is above all the major moving averages, with the 200-day at $9.75 support and resistance at the recent high of $10.03. WHEAT Wheat trade is narrowly mixed at midday with trade working back to the upper end of the recent range, and tested resistance before fading mid-morning. The dollar rally seems to have stalled short of 94 on the index again. US exports have been slowed lately as Black Sea origin continues to dominate world movement in the near term. The southern hemisphere crop will continued to be watched with drier weather replacing floods in South America near term. Planting progress should expand this week, with early stands good. On the December KC support is at the $4.20 low with resistance the 50-day at $4.38. 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.