DTN Midday Grain Comments     10/27 10:50

   Corn, Soybean, Wheat Futures All Higher at Midday Monday

   Corn futures are 5 to 7 cents higher at midday Monday; soybean futures are 
25 to 27 cents higher; wheat futures are 7 to 16 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 7 cents higher at midday Monday; soybean futures are 
25 to 27 cents higher; wheat futures are 7 to 16 cents higher. The U.S. stock 
market is firmer at midday with the S and P up 65. The U.S. Dollar Index is 6 
points lower. The interest rate products are weaker. Energy trade is firmer 
with crude up .40 and natural gas is .12 higher. Livestock trade has cattle 
expanded limit lower and hogs flat. Precious metals are weaker with gold off 
142.00.

CORN:

   Corn futures are 5 to 7 cents higher at midday with trade following the lead 
of soybeans on optimism, along with harvest pressure fading as we test the fall 
highs albeit with softer spread action. Ethanol margins will see a bit of 
pressure from corn gains but unleaded holding off the lows should keep them in 
the recent range. 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. Weekly export inspections 
remain solid at 1.188 million metric tons (mmt) with year-to-date pace holding 
at 158%. 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 still above the market at $4.33, which we are just short of overnight.

SOYBEANS:

   Soybean futures are 25 to 27 cents higher at midday with a gap higher on 
statements that a trade deal with China is close and will include soybeans as 
we are near the top of the year range. Meal is 2.50 to 3.50 higher and oil is 
40 to 50 points higher. Harvest should make good additional progress this week 
we start to get toward the long season and double crop acres to wrap up for the 
year. South American weather looks to be a non-issue 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. Weekly export inspections remain soft seasonally at 1.061 
mmt with year-to-date pace at 63%. On the November chart, resistance was the 
Upper Bollinger Band at $10.44, which we gapped above overnight becoming 
support, with the session high at $10.70 the next level of resistance.

WHEAT:

   Wheat futures are 8 to 16 cents higher at midday with trade pushing further 
through resistance after the strong action to close last week following the row 
crops higher. 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 south. MATIF wheat is solidly higher as well. Southern Hemisphere wheat 
remains in good shape as early harvest goes forward. Weekly export inspections 
softened at 258,543 metric tons with year-to-date pace at 118%. On the KC 
December chart, support is the 20-day moving average at $4.92 as resistance, 
which we surged through Friday, then the Upper Bollinger Band at $5.05 as the 
next round up, which we are above at midday, then the fall high at $5.24.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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