DTN Midday Grain Comments 10/26 10:52

DTN Midday Grain Comments 10/26 10:52 Soybean, Wheat Futures Higher at Midday; Corn Mixed Corn futures are narrowly mixed at midday Wednesday; soybean futures are 9 to 10 cents higher; wheat futures are 4 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Wednesday; soybean futures are 9 to 10 cents higher; wheat futures are 4 to 9 cents higher. The U.S. stock market is mostly higher with the DOW up 310 points. The U.S. Dollar Index is 110 points lower. Interest rate products are firmer. Energies are mostly higher with crude up 2.30 cents and natural gas off .05. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $18.00. CORN: Corn futures are narrowly mixed at midday with quiet, two-sided trade and range-bound action expected to continue in the near term unless a bigger market driver emerges. Ethanol margins should remain stable near term with the weekly report showing production edging 17,000 barrels per day (bpd) higher, with stocks up 447,000 barrels. Wetter weather to the east could slow harvest progress short term while the west wraps up amid poor conditions and limited potential for immediate application of fall fertilizer except for irrigated ground. Basis will likely remain mixed with river issues persisting while the market works to move bushels west with rains needing to perform to boost the river system. The export wire has remained quiet in recent days. On the December chart, trade is just above the 20-day moving average at $6.84 after closing above it Tuesday with the lower Bollinger Band at $6.70 further support. Further resistance is at the $6.98 upper Bollinger Band. SOYBEANS: Soybean futures are 9 to 10 cents higher at midday with trade seeing support from oil continuing to move higher, and harvest pressure fading as we creep back towards the $14.00 area up front after failing to hold on recent tests. Meal is $5.50 to $6.50 lower, and oil is 140 to 150 points higher. South America should see adequate moisture for the most part short term as planting pushes forward. Basis will likely continue to see harvest pressure, although that should start to ease with the west showing strength while building cash and board carries east will stay in place until the river issues fully resolve. Trade will be looking for confirmation of further export sales with nothing so far this week. On the November chart, the lower Bollinger Band at $13.55 will remain support with trade just above the 20-day moving average at $13.80 after closing above it Tuesday with the upper Bollinger Band at $14.06 the next round up. WHEAT: Wheat futures are 4 to 9 cents higher with two-sided action again as trade continues to work the lower end of the recent range with little fresh news to push trade far in either direction, but with better buying during the day session Wednesday. Spring wheat trade has been trying to lead in recent days with contract spreads firming Wednesday. Fresh political developments were limited last week as well with Ukraine shipping corridor renewal approaching quickly. Continued weakness in the dollar should add some support as well. The Plains continue to look dry in the short term except for the east. On the chart, KC December action has support at $9.18 on the lower Bollinger Band, which we continue to work just above, with the 20-day moving average tracking above the market at $9.66. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.