DTN Midday Grain Comments 10/11 11:36

DTN Midday Grain Comments 10/11 11:36 Corn Lower, Soybeans and Wheat Higher Midday Tuesday Corn trade is 3 to 4 cents lower; beans are 4 to 5 cents higher and wheat is 20 to 28 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 3 to 4 cents lower; beans are 4 to 5 cents higher and wheat is 20 to 28 cents lower. The U.S. stock market is mostly higher with the Dow up 200 points. The U.S. Dollar Index is 0.20 lower. Interest rate products are firmer. Energies are weaker with crude off $2.00, and natural gas is off $0.01. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold $2.50 higher. CORN: Corn trade is 3 to 4 cents lower with choppy trade at midday Tuesday as risk on sentiment fades and trade works to position for the WASDE report due out Wednesday. The WASDE report is expected to show yield at 171.8 bushels per acre (bpa) versus 172.5 bpa last month, with carryout at 1.124 billion bushels (bb). Short-term forecasts have the center of the Corn Belt drier with moderating temps to keep harvest moving along into mid-month. The export wire will need to show more life soon with nothing in recent days with river issues helping to limit export inspections to 457,000 metric tons. Weekly crop progress should show harvest close to the five-year average with maturity lagging, and conditions steady when released this afternoon. Ethanol margins will likely chop along with softer driving demand and refinery disruptions to keep upside limited for now, but the recent stocks draw down will add support into mid-month. 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 below the upper Bollinger Band at $6.99 with the 20-day below that at $6.80. SOYBEANS: Soybean trade is 4 to 5 cents higher at midday Tuesday with two-sided action so far keeping action in the lower part of the range as harvest progresses and demand worries persist ahead of the WASDE report Wednesday. Meal is $1.00 to $2.00 higher, and oil is 0.60 to 0.70 cent lower. The WASDE report is expected to show yield unchanged at 50.5 bpa, with carryout at 248 million up 48 million from last month. South America has early planting underway with mixed overall conditions and better in Brazil to start, while the U.S. dollar will likely remain a limiting factor short term. 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. Weekly export inspections remained soft seasonally at 969,000 metric tons, with weekly crop progress expected to show harvest close to the five-year average, with conditions steady when released this afternoon. On the November soybean chart, trade has the 20-day at $14.12 as resistance well above the market, with the lower Bollinger Band at $13.33 as support, which we have held solidly above. WHEAT: Wheat trade is 20 to 28 cents lower with trade fading back from the highs as we edge towards overbought conditions while weather and Black Sea developments will continue to be watched. The plains look dry short term, with further planting to continue with emergence likely to struggle in many areas. MATIF wheat scored fresh highs for the move as well before fading as well. Weekly export inspections were solid at 614,000 metric tons. Weekly crop progress is expected to show planting around the five-year average along with emergence for winter wheat when released. The WASDE report is expected to show wheat carryout at 554 million bushels versus 610 last month. The KC December chart has support at the 20-day at $9.66, with action back below the upper Bollinger Band at $10.24 with a fresh high at $10.37 as further resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.