DTN Midday Grain Comments     10/23 10:45

   Grain Prices Midday Friday: Corn Lower, Soybeans Up and Wheat Mixed

   Corn futures are 4 to 5 cents lower at midday, soybeans are 4 to 5 cents 
higher, and wheat futures are narrowly mixed. 


David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed at midday with the S&P off 9 points. The 
dollar index is 15 points higher. The interest rate products are weaker. Energy 
trade is mixed with crude up 2.70 and natural gas off .14. Livestock trade is 
mixed. Precious metals are weaker with gold 50.00 lower and silver 2.50 lower. 

CORN:

   Corn futures are 4 to 5 cents lower at midday with selling returning after 
early two-sided trade with oversold conditions staying locked in place. Ethanol 
margins remain strong short term with unleaded supporting strong blending 
margins along with the influx of harvest bushels boosting runs short term. 
Basis should start to see harvest pressure ease soon. The daily wire was quiet 
to close the week. Harvest should push ahead at a high pace into the weekend. 
On the December chart the 20-day at $4.87 is nearby resistance. Chart support 
is at the $4.48 lower Bollinger Band and $4.53 1/2 2-month low area. 

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday with action pulling back a 
little from early dime higher trade with flat product action. Meal is flat to 
1.00 lower, and oil is flat to 10 points higher. Harvest should push to the 
homestretch quickly to ease harvest pressure into as November contract heads to 
delivery next week. The daily export wire was quiet after the midweek sales. 
Basis should start head to a firmer post-harvest stance soon. On the November 
contract support is the lower Bollinger Band at $12.40 with resistance at 
20-day at 12.76.

WHEAT:

   Wheat futures are narrowly mixed at midday with trade once again trying to 
work back from fresh lows for the move amid deeply oversold conditions and 
two-sided action so far. Open weather should allow the remaining winter wheat 
to go in and emerge as we head deeper into fall with the gap to average pace 
narrowing. Matif wheat is lightly lower as we wait for further Black Sea 
political developments. On the KC December chart resistance is the 20-day at 
$7.17. Chart support is the fresh low at $6.63.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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