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DTN Midday Grain Comments 10/04 10:46
Corn, Soybean , Wheat Futures Lower at Midday
Corn futures are 4 to 5 cents lower; soybean futures are 7 to 8 cents lower
and wheat futures are 10 to 14 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 4 to 5 cents lower; soybean futures are 7 to 8 cents lower
and wheat futures are 10 to 14 cents lower. The U.S. stock market is flat at
midday with the S&P 9 points higher. The dollar index is 60 points higher. The
interest rate products are weaker. Energy trade has crude .70 higher and
natural gas is .11 lower. Livestock trade is mixed. Precious metals are firmer
with gold up 1.00.
CORN:
Corn futures are 4 to 5 cents lower at midday with trade fading further off
the upper end of the range with harvest pressure into the weekend and risk off
action in ag this morning. Ethanol margins should get boost from the bounce in
energies while corn edges back from the highs. Weather looks to keep harvest
moving along at a good clip short term. Basis action should see more pressure
as bushels accumulate short term. The daily export wire saw 198,000 metric tons
sold to unknown. On the December chart the 20-day at 4.14 3/4 is support with
the next round up at the fresh high at $4.34 1/4.
SOYBEANS:
Soybeans futures are 7 to 8 cents lower with trade giving back the overnight
strength as products turn lower with harvest pressure picking up into the
weekend. Meal is 2.00 to 3.00 lower and oil is 50 to 60 points lower. Warm and
dry weather should push harvest further ahead of average into midmonth with the
halfway point to approach rapidly. South America will continue to look for
rains over the next seven days to get planting to expand into midmonth. The
daily wire saw 116,000 metric tons sold to China. Basis will likely continue to
soften short term. The November chart support is at the 20-day moving average
at $10.29, with the fresh high at $10.69 3/4 as resistance.
WHEAT:
Wheat futures are 10 to 14 cents lower at midday with trade fading further
off the highs with dollar strength and world values easing after early week
strength. Warm and dry weather will likely slow plains planting pace a bit
along with row crop harvest ongoing. Planting weather remains dry in the Black
Sea area as well, but nearby export offers have remained flat. The dollar is at
the highest level since late August with MATIF wheat sharply lower as well. On
the KC December Chart support is the 20-day at $5.85, with the fresh high at
$6.22 the next level up.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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