DTN Midday Grain Comments     10/28 11:04

   Corn, Soybean, Wheat Futures All Higher at Midday Tuesday

   Corn futures are 6 to 7 cents higher at midday Tuesday; soybean futures are 
19 to 20 cents higher; wheat futures are 8 to 10 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents higher at midday Tuesday; soybean futures are 
19 to 20 cents higher; wheat futures are 8 to 10 cents higher. The U.S. stock 
market is firmer at midday with the S&P up 2. The U.S. Dollar Index is 8 points 
lower. The interest rate products are firmer. Energy trade is weaker with crude 
off 1.25 and natural gas is .10 lower. Livestock trade has cattle mixed with 
feeders still struggling and hogs slightly lower. Precious metals are mixed 
with gold off 50.00.

CORN:

   Corn futures are 6 to 7 cents higher at midday with the gap from July filled 
this morning with continued spillover support from soybeans. Ethanol margins 
will see a bit of pressure from corn gaining a little more while unleaded fades 
again. Harvest will be slowed by wetter weather to start the week but should be 
well past the halfway point now. Fresh export sales are expected to remain 
active given the recent shipping pace along with trade optimism. Basis should 
start moving toward post-harvest levels soon. On the December chart, support is 
the 20-day moving average at $4.19 with the summer gap filled at $4.33 and the 
next round up at $4.40.

SOYBEANS:

   Soybean futures are 19 to 20 cents higher with trade moving further into the 
upper end of the year range as we continue to trade optimism that a deal is 
imminent with China along with announced pending sales to Japan. Meal is 8.50 
to 9.50 higher and oil is 35 to 45 points lower. Harvest on remaining acres 
will get slowed a bit by wet weather. South American weather looks to be a 
nonissue short term with Brazil continuing to see limited concerns to start the 
growing season. Basis will likely remain under pressure as the export program 
lags but should still be near harvest lows. On the November chart, resistance 
is the $10.91 area where we find the fresh high with the Upper Bollinger Band 
below the market at $10.64 as we get more overbought.

WHEAT:

   Wheat futures are 8 to 10 cents higher at midday as trade scores multiweek 
highs with the broad grain strength to start the week. Weather should remain 
mostly favorable for the Plains short term with a trend toward a little more 
seasonal weather on deck with drier weather to the Southern Plains. MATIF wheat 
is narrowly mixed. Southern Hemisphere wheat remains in good shape as early 
harvest goes forward. On the KC December chart, support is the Upper Bollinger 
Band at $5.12 that we jumped Monday with the next round up the fall high at 
$5.25 scored earlier in the session.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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