DTN Midday Grain Comments 10/21 10:55

DTN Midday Grain Comments 10/21 10:55 Corn, Soybean Futures Higher Friday; Wheat Futures Lower Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 2 to 4 cents higher; wheat futures are 1 to 4 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 2 to 4 cents higher; wheat futures are 1 to 4 cents lower. The U.S. stock market is firmer with the DOW up 305 points. The U.S. Dollar Index is 40 points lower. Interest rate products are mixed. Energies are mixed with crude up .15 cents and natural gas down .40. Livestock trade is mostly higher. Precious metals are firmer with gold up $10. CORN: Corn futures are 1 to 2 cents higher with trade edging higher after early selling. Support is from the weaker dollar as we remain rangebound heading toward the weekend. Ethanol margins should remain stable near term with driving-demand worries to continue to linger into fall while cheaper natural gas can help to boost margins. Wetter weather to the east could slow harvest progress toward the weekend with the west continuing to move along quickly. Basis will likely remain mixed with river issues persisting while the market works to move bushels west, although forecast rains could help parts of the Mississippi Basin soon. The daily export wire has been quiet to close the week. On the December chart, trade is just above the 20-day moving average at $6.81 after closing above it Thursday with the lower Bollinger Band at $6.63 further support. Further resistance is at the $7.00 upper Bollinger Band. SOYBEANS: Soybean futures are 2 to 4 cents lower at midday with trade firming back from early selling ahead of option expiration. There is no confirmation of further export sales and spillover support is improving during the day session. Meal is $1.00 to $2.00 higher and oil is 65 to 75 points higher. South America should see relief in some of the drier areas short term as planting pushes forward. Basis will likely continue to see harvest pressure, although that should start to ease soon while building cash and board carries with the river problems stay in place. On the November chart, the lower Bollinger Band at $13.49 will remain support with trade trying to hold above the 20-day moving average at $13.84 after closing above it Thursday. WHEAT: Wheat futures are 1 to 4 cents lower at midday with the stronger dollar encouraging overnight selling before trade worked back toward unchanged during the day session as the dollar strength faded and row crops firmed. Spring wheat trade is trying to lead with spread action trying to firm overall this week despite the futures weakness. The dollar remaining near the upper end of the range will likely continue to limit upside, unless the weakness becomes more sustained. The Plains continue to look dry in the short term, except for the east. On the chart, KC December action has support at $9.20 on the lower Bollinger Band, which we tested Tuesday, with the 20-day moving average tracking above the market at $9.67. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.