DTN Midday Grain Comments     11/02 10:53

   Midday Monday: Wheat and Corn Higher; Soybeans Lower

   Corn futures are flat to a penny higher at midday, soybeans are 15 to 16 
cents lower, and wheat futures are 1 to 3 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S&P up 50 points. The 
U.S. Dollar Index is 20 points lower. The interest rate products are firmer. 
Energy trade is sharply lower with crude off 7.725 and natural gas flat. 
Livestock trade is mostly higher. Precious metals are firmer with gold 75.00 
higher. 

CORN:

   Corn futures are flat to a penny higher with light buying after touching a 
fresh low to start as we look to ease oversold conditions as we grind along the 
lower end of the range. Blender margins for ethanol remain strong which should 
support overall production short term despite the slide in unleaded values this 
morning. Basis is starting to see strength near major processors in the western 
belt. The daily wire saw 1.730 million metric tons sold to Mexico with weekly 
export inspections solid at 844,766 metric tons with YTD pace at 87%. Harvest 
will be slowed by rains to start the week with weekly progress likely to 
continue to lag the 5-year average. On the December chart the 20-day at $4.72 
1/2 is nearby resistance. Chart support is at the $4.33 lower Bollinger Band 
and $4.47 2-month low area. 

SOYBEANS:

   Soybean futures are 15 to 16 cents lower at midday, as we remain oversold at 
the lower end of the range with little fresh news for now and soft product 
action. Meal is 3 to 4 lower and oil is 50 to 60 points lower. Rains will limit 
remaining harvest as we should still be near average on the weekly report. The 
daily export wire saw sales of 136,000 metric tons to unknown with weekly 
export inspections strong at 2.445 million metric tons with YTD pace at 156%. 
Basis should start to firm as shipping and processors chew through the harvest 
bushels. On the January contract support is the fresh low at $12.16 3/4 with 
resistance to 20-day at 12.75 3/4.

WHEAT:

   Wheat futures are 1 to 3 cents higher at midday with trade trying to pull 
further away from the fresh lows scored last week with deeply oversold 
conditions still in place. Open weather should allow the remaining winter wheat 
to go in and emerge with early stand reports generally good with the first crop 
progress report likely to be solid. Matif wheat is lightly higher as well. 
Weekly export inspections were soft at 75,413 metric tons with YTD pace at 64%. 
On the KC December chart resistance is the 20-day at $6.89. Chart support is 
the fresh low at $6.36 1/2. 

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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