DTN Midday Grain Comments     10/27 10:46

   Prices at Midday Tuesday: Corn and Soybeans Lower, Wheat Flat to Lower

   Corn futures are 3 to 4 cents lower at midday, soybeans are 2 to 3 cents 
lower, and wheat futures are flat to 5 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S&P up 40 points. The 
dollar index is 28 points higher. The interest rate products are flat. Energy 
trade is weaker with crude off 1.22 and natural gas off .02. Livestock trade is 
mostly lower with hogs scoring fresh lows. Precious metals are firmer with gold 
30.00 higher. 

CORN:

   Corn futures are 3 to 4 cents lower in quiet midday trade as we again press 
back to the low end of the range with deeply oversold conditions persisting. 
Ethanol margins continue support production and blending. Basis should start to 
see harvest pressure ease soon. The daily wire remained quiet to start the 
week. Harvest should push ahead before rains can slow action again at midweek 
with weekly progress at 60% vs. 66% on average. On the December chart the 
20-day at $4.80 is nearby resistance. Chart support is at the $4.43 lower 
Bollinger Band and $4.50 1/4 2-month low area. 

SOYBEANS:

   Soybean futures are 2 to 3 cents lower with early dime higher trade fading 
again as meal leads product lower and harvest pressure continues to linger. 
Meal is 4.00 to 5.00 lower and oil is 10 to 20 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 with the weekly 
report showing 77% complete vs. 79% on average. The daily export wire was quiet 
again today. Basis should start head to a firmer post-harvest stance soon. On 
the November contract support is the fresh low at $12.27 1/2 with resistance 
the 20-day at 12.71.

WHEAT:

   Wheat futures are flat to 5 cents lower with the firmer dollar and deeply 
oversold conditions continuing to limit buying enthusiasm as we grind along 
near the lower end of the range. Open weather should allow the remaining winter 
wheat to go in and emerge with progress catching up at 76% planted vs. 77% last 
week, and 53% emerged vs. 54% on average. Matif wheat is edging a bit higher 
after the washout to start the week. On the KC December chart resistance is the 
20-day at $7.08. Chart support is the fresh low at $6.50 1/4. 

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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