DTN Midday Grain Comments     11/03 10:48

   Midday Tuesday Grain: Corn, Soybeans and Wheat All Lower

   Corn futures are 3 to 4 cents lower at midday, soybeans are 3 to 5 cents 
lower, and wheat futures are 4 to 7 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed at midday with the S&P up 28 points. The U.S. 
Dollar Index is 7 points higher. The interest rate products are weaker. Energy 
trade is mixed with crude off .60 and natural gas up .02. Livestock trade is 
broadly lower. Precious metals are weaker with gold 25 lower. 

CORN:

   Corn futures are 3 to 4 cents lower at midday with another set of fresh lows 
being scored as trade remains deeply oversold and fresh news remains limited. 
Blender margins for ethanol remain strong even as unleaded holds well off the 
recent highs. Basis should continue to firm seasonally as harvest winds down. 
The daily wire saw 315,000 metric tons sold to Mexico and 136,000 metric tons 
to South Korea. Harvest will be slowed by rains to start the week with weekly 
progress at 74% vs. 77% on average. On the December chart the 20-day at $4.72 
1/2 is nearby resistance. Chart support is at the $4.33 lower Bollinger Band 
and $4.41 1/4 fresh low area. 

SOYBEANS:

   Soybean futures are 3 to 5 cents lower with early gains fading into the day 
session as we score another set of fresh lows for the move. Meal is 1 to 2 
lower and oil is narrowly mixed. Rains will limit remaining harvest but we are 
at 88% complete vs. 84% on average. The daily export wire saw sales of 134,000 
metric tons sold to unknown. Basis should start to firm as shipping and 
processors chew through the harvest bushels. On the January contract support is 
the fresh low at $12.09 3/4 with resistance the 20-day at 12.66.

WHEAT:

   Wheat futures are 4 to 7 cents lower with trade fading back to the lower end 
of the range with deeply oversold conditions remaining in place and fresh news 
remaining limited. Open weather should allow the remaining winter wheat to 
continue to establish with 83% planted vs. 84% on average, 65% emerged same as 
average, and 44% good to excellent and 18% poor to very poor on the first 
report. Matif wheat is lower as well. On the KC December chart resistance is 
the 20-day at $6.89. Chart support is the fresh low at $6.33. 

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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