DTN Midday Grain Comments 10/07 10:48

DTN Midday Grain Comments 10/07 10:48 Corn Futures Higher at Midday; Soybeans Lower; Wheat Flat-Higher Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 1 to 2 cents lower; wheat futures are flat to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 1 to 2 cents lower; wheat futures are flat to 3 cents higher. The U.S. stock market is weaker with the DOW down 475 points. The U.S. Dollar Index is 15 points higher. Interest rate products are weaker. Energies are mostly higher with crude up 2.90, and natural gas is off .20. Livestock trade is mixed with live cattle leading. Precious metals are weaker with gold 13.00 lower. CORN: Corn futures are 5 to 6 cents higher at midday with firmer action during the day session as trade continues to work the middle of the recent range with mixed outside market spillover and likely late-session selling for a harvest weekend. Short-term forecasts have the center of the belt drier with moderating temps to keep harvest moving along into midmonth. The export wire will need to show more life soon with nothing in recent days and river issues remaining notable for shipping. Ethanol margins will likely chop along with softer driving demand and refinery disruptions to keep upside limited for now. But the recent stocks drawdown will add support into midmonth. Basis will continue to see harvest and shipping pressure in the middle of the belt while bushels are bid for in the east. On the December chart, trade is just above the 20-day moving average at $6.79 with the recent high at $6.95 above that with the lower Bollinger Band at $6.64 as further support. SOYBEANS: Soybean futures are 1 to 2 cents lower at midday with trade working to consolidate at the lower end of the recent range with harvest pressure ongoing as well as demand and shipping questions. Meal is $1.50 to $2.50 higher, and oil is 50 to 60 points lower. South America has early planting underway with mixed overall conditions and better in Brazil to start, while the U.S. dollar and shipping issues limit U.S. export interest. Basis will likely see further pressure as shipping issues and rising carry limit the need of processers to be aggressive even with solid crush margins. On the November soybean chart, trade has the 20-day moving average at $14.22 as resistance well above the market, with the lower Bollinger band at $13.37 as support, which we have held above so far Friday. WHEAT: Wheat futures are flat to 3 cents higher with trade bouncing back from the test of nearby support Thursday with buying again fading during the day session as action continues to consolidate in the upper end of the range. The Plains look dry short term, but enough recent rains fell in some areas to keep planting moving forward short term. MATIF wheat remains near the upper end of the range with firmer action so far Friday as well with signs of grain corridor movement slowing. The KC December chart has support at the 20-day moving average at $9.58, and the fresh high at $10.09 as resistance, which we failed at earlier in the week. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.