DTN Midday Grain Comments     10/28 11:02

   Corn Higher. Soybeans Flat and Wheat Lower at Midday Wednesday

   Corn futures are 3 to 4 cents higher at midday, soybeans are flat to a penny 
lower, and wheat futures are 7 to 11 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed at midday with the S&P up 12 points. The 
dollar index is 3 points higher. The interest rate products are weaker. Energy 
trade is firmer with crude up 2.50 and natural gas up .08. Livestock trade is 
mostly lower with hogs scoring fresh lows. Precious metals are weaker with gold 
20.00 lower. 

CORN:

   Corn futures are 3 to 4 cents higher at midday with light buying as trade 
tries to ease deeply oversold conditions and harvest pressure ahead of another 
set of western belt rains. Weekly ethanol production showed production up by 
24,000 barrels per day, and stocks unchanged. Basis should start to see harvest 
pressure ease soon. The daily wire remained quiet with weekly sales expected to 
be in the 1.0 to 1.2 million metric ton range tomorrow. Harvest should push 
ahead before rains can slow action again. On the December chart the 20-day at 
$4.77 is nearby resistance. Chart support is at the $4.40 lower Bollinger Band 
and $4.48 1/2 2-month low area. 

SOYBEANS:

   Soybean futures are flat to a penny lower with trade again fading in the day 
session after early overnight strength again. Meal is flat to 1.00 lower and 
oil is 80 to 90 points lower. Harvest should push to the homestretch quickly to 
ease harvest pressure further into as November contract heads to delivery at 
the end of the week. The daily export wire was quiet again today with weekly 
export sales expected to be in the 1.0 to 1.2 million metric ton range 
tomorrow. Basis should start head to a firmer post-harvest stance soon. On the 
January contract support is the fresh low at $12.39 with resistance the 20-day 
at 12.82 1/2.

WHEAT:

   Wheat futures are 7 to 11 cents lower as we continue to grind along the 
lower end of the range with deeply oversold conditions persisting a little 
other fresh news as we wait for Russia/Ukraine developments and short covering 
to develop. Open weather should allow the remaining winter wheat to go in and 
emerge with early stand reports generally good. Matif wheat faded after early 
strength on limited ceasefire talks. Weekly export sales are expected to be in 
the 250,000 to 450,000 metric ton range. On the KC December chart resistance is 
the 20-day at $7.04. Chart support is the fresh low at $6.37 1/4. 

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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