DTN Midday Grain Comments     10/31 10:52

   Soybean Futures Lower at Midday Friday; Wheat Higher; Corn Flat-Lower

   Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 
1 to 2 cents lower; wheat futures are 1 to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 
1 to 2 cents lower; wheat futures are 1 to 3 cents higher. The U.S. stock 
market is firmer at midday with the S&P up 35. The U.S. Dollar Index is 25 
points higher. The interest rate products are mixed. Energy trade is mixed with 
crude up .40 and natural gas is .10 higher. Livestock trade is mixed in quieter 
action. Precious metals are mixed with gold up 13.00.

CORN:

   Corn futures are flat to 1 cent lower with light selling across ag contracts 
firming back into the middle of the day session. Ethanol margins should remain 
stable as corn and unleaded hold sideways trends. Harvest pace should pick back 
up into the weekend as we dry back out nationally. Fresh export sales are 
expected to remain active given the recent shipping pace along with trade 
optimism. Basis should start moving toward post-harvest levels into the 
beginning of November. On the December chart, support is the 20-day moving 
average at $4.22 with the summer gap filled at $4.33 and the next round up the 
recent high at $4.37 scored Thursday.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower at midday as we continue to digest 
the agreement with China and how it will be executed as far as short-term sales 
go. Meal is 2.00 to 3.00 higher and oil is 80 to 90 points lower. Harvest on 
remaining acres should pick back up into the weekend. South American weather 
looks to be a non-issue short term with Brazil to continue to see good weather 
for early development. Basis should start to firm if a trade deal delivers a 
more-normal fall export pace from here. On the January chart, resistance is the 
$11.14 1/2 area, where we find the fresh high, with the 20-day moving average 
way below the market at $10.54.

WHEAT:

   Wheat futures are 1 to 3 cents higher at midday with spring wheat leading 
early on as we look to consolidate the range. Weather should remain mostly 
favorable for the Plains short term with early stands expected to be good 
overall. MATIF wheat is a bit firmer Friday morning with euro weakness. 
Southern Hemisphere wheat remains in good shape as harvest continues. On the KC 
December chart, support is the 20-day moving average at $4.96 that we have held 
solidly above this week, with the next round up the fall high at $5.25, which 
we tested Thursday.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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