| |
DTN Midday Grain Comments 10/28 11:02
Corn Higher. Soybeans Flat and Wheat Lower at Midday Wednesday
Corn futures are 3 to 4 cents higher at midday, soybeans are flat to a penny
lower, and wheat futures are 7 to 11 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
The U.S. stock market is mixed at midday with the S&P up 12 points. The
dollar index is 3 points higher. The interest rate products are weaker. Energy
trade is firmer with crude up 2.50 and natural gas up .08. Livestock trade is
mostly lower with hogs scoring fresh lows. Precious metals are weaker with gold
20.00 lower.
CORN:
Corn futures are 3 to 4 cents higher at midday with light buying as trade
tries to ease deeply oversold conditions and harvest pressure ahead of another
set of western belt rains. Weekly ethanol production showed production up by
24,000 barrels per day, and stocks unchanged. Basis should start to see harvest
pressure ease soon. The daily wire remained quiet with weekly sales expected to
be in the 1.0 to 1.2 million metric ton range tomorrow. Harvest should push
ahead before rains can slow action again. On the December chart the 20-day at
$4.77 is nearby resistance. Chart support is at the $4.40 lower Bollinger Band
and $4.48 1/2 2-month low area.
SOYBEANS:
Soybean futures are flat to a penny lower with trade again fading in the day
session after early overnight strength again. Meal is flat to 1.00 lower and
oil is 80 to 90 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. The daily export wire was quiet again today with weekly
export sales expected to be in the 1.0 to 1.2 million metric ton range
tomorrow. Basis should start head to a firmer post-harvest stance soon. On the
January contract support is the fresh low at $12.39 with resistance the 20-day
at 12.82 1/2.
WHEAT:
Wheat futures are 7 to 11 cents lower as we continue to grind along the
lower end of the range with deeply oversold conditions persisting a little
other fresh news as we wait for Russia/Ukraine developments and short covering
to develop. Open weather should allow the remaining winter wheat to go in and
emerge with early stand reports generally good. Matif wheat faded after early
strength on limited ceasefire talks. Weekly export sales are expected to be in
the 250,000 to 450,000 metric ton range. On the KC December chart resistance is
the 20-day at $7.04. Chart support is the fresh low at $6.37 1/4.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
(c) Copyright 2026 DTN, LLC. All rights reserved.
DTN offers additional daily information available free through DTN Snapshot – sign up today.
|
|
