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DTN Midday Grain Comments 10/17 10:48
Corn, Soybean, Wheat Futures Lower at Midday
Corn futures are 3 to 4 cents lower at midday Thursday; soybean futures are
5 to 7 cents lower; wheat futures are 1 to 6 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents lower at midday Thursday; soybean futures are
5 to 7 cents lower; wheat futures are 1 to 6 cents lower. The U.S. stock market
is firmer at midday with the S&P 18 points higher. The U.S. Dollar Index is 20
points higher. The interest rate products are weaker. Energy trade is mixed
with crude down .10 with natural gas up .01. Livestock trade is mixed with hogs
leading. Precious metals are mixed with gold up 13.00.
CORN:
Corn futures are 3 to 4 cents lower at midday with flat to firmer spread
action with broad selling in ags as harvest rolls on and outside markets limit
enthusiasm. The weekly ethanol report showed production 4,000 barrels per day
(bpd) higher with stocks up by 100,000 barrels. Weather should remain open for
most to keep harvest moving well ahead of normal. The daily export wire saw
additional sales of 197,180 metric tons (mt) sold to Mexico and 101,000 mt to
unknown. Weekly export sales are expected to be in the 750,000 mt to 1.0
million metric ton (mmt) range Friday. This week's big sales will not be on the
report until next week. On the December chart, the 50-day moving average at
$4.07 is resistance, which we tested briefly Thursday, with further support the
lower Bollinger Band at $3.98.
SOYBEANS:
Soybean futures are 5 to 7 cents lower at midday with firmer spread action
as trade comes back from the early day-session lows. Meal is flat to 1.00
higher and oil is 40 to 50 points higher. Warm and dry weather should help
harvest wrap up in many areas with long-season varieties and double crop most
of what is remaining. South American planting should continue to advance with
rains becoming more widespread in Brazil as well as Argentina seeing some
near-term relief. Weekly export sales are expected to be in the 750,000 mt to
1.0 mmt range Friday. On the November chart, trade is just below the lower
Bollinger Band at $9.77 with the $9.50 area as longer-term support.
WHEAT:
Wheat futures are 1 to 6 cents lower with spring wheat leading as we
consolidate more of a range after the recent pullback along with negative
spillover from row crops. Warm and dry weather should ease a bit in the western
Plains with better rains expected into the weekend while Black Sea area seeding
should play some catch up. MATIF wheat is mixed Thursday with the dollar
continuing to limit upside as well. On the KC December chart, support is the
50-day moving average at $5.77, with the 20-day at $5.91 now chart resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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