DTN Midday Grain Comments 10/17 12:03

DTN Midday Grain Comments 10/17 12:03 Soybean, Wheat Futures Higher at Midday; Corn Lower Corn futures are 4 to 5 cents lower at midday Monday; soybean futures are 6 to 8 cents higher; wheat futures are 7 to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Monday; soybean futures are 6 to 8 cents higher; wheat futures are 7 to 8 cents higher. The U.S. stock market is higher with the DOW up 515 points. The U.S. Dollar Index is 122 points lower. Interest rate products are higher. Energies are higher with crude up 50 cents. Livestock trade is higher. Precious metals are higher with gold up $20. CORN: Corn futures are 4 to 5 cents lower at midday with some noted harvest pressure and it appears some spread adjustment trading selling corn versus beans. USDA Weekly Export Inspections for corn were at 448,423 metric tons (mt) which also limits buying in corn. Harvest progress should be shown to have moved along well this past week on the Crop Progress report this afternoon at 3 p.m. CDT. In the big chart picture, producers hope to see corn stay in this upper $6 area on December to give us a solid October price average. On the December chart, trade is near the 20-day moving average at $6.82, which is important support. Spillover support from beans should help corn Monday afternoon. Chart resistance is at the $6.88 10-day moving average, then the $7.02 upper Bollinger Band. SOYBEANS: Soybean futures are 6 to 8 cents higher; meal is up fractionally and soybean oil is up over 150 points at midday. The bean oil, outside markets and a good inspections number are all supporting beans at midday. The weekly export inspections were solid at 1.88 million metric tons (mmt). South America has early planting underway with mixed overall conditions. It is better in Brazil to start, while the U.S. dollar will likely remain a limiting factor short term. But at this juncture, the export news should limit the downside. Futures tested the downside two weeks ago and bounded this week, so we have light upward momentum on the chart but need a close above the 20-day moving average that sits right around $14 on the November contract. Near-term support is at $13.79, the 10-day moving average, then the $13.33 lower Bollinger Band. WHEAT: Wheat futures are 7 to 8 cents higher at midday but we are off the daily highs by over a dime. After the nice rally from August that appeared to peak about a week ago, most wheat contracts are now looking to test some two-week lows or near-term support levels. The weekly export inspections were low at 231,842 mt. The Plains look dry short term with further planting to continue with emergence likely to struggle in many areas into the second half of the month. This should limit downside longer term. The KC December chart has major support down at the 50-day movin average at $9.23, the 20-day moving average at $9.72 is nearby resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.