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DTN Midday Grain Comments     10/18 11:20

   Grains Mixed at Midday

   Quiet trade at midday with row crops mixed.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market is higher this morning with the Dow up 130 points. The 
interest rate products are lower. The dollar index is 8 higher. Energies are 
lower with crude down $0.15. Livestock trade is mixed. Precious metals are 
lower with gold down $5.00.

   CORN

   Corn trade is 1 to 2 cents lower at midday in quiet trade as the market 
continues to work around the $3.50 area with trade unable to hold positive 
post-report action as harvest expands. Ethanol margins are stable with the 
weekly report showing expansion of 52,000 barrels per day, and stocks down 
43,000 barrels with ethanol futures edging slightly lower with gasoline demand 
backing off. Basis should see harvest pressure, while carry remains at wide 
levels. Weather looks to remain open and better this week for drying corn. Corn 
moisture has been one of the biggest near term concerns as it has stayed 
stubbornly high in some areas. On the December chart support is at the $3.42 
1/2 low with resistance at the $3.56 50-day moving average. 

   SOYBEANS

   Soybean trade is a penny better in quiet midday trade with the market 
marking time as harvest expands. Meal is near $1 higher and bean oil is 10 
points lower. South American weather forecasts continue to show an uptick in 
moisture for northern Brazil in the extended forecast with the wetter areas 
drying out. Trade will be watching to see if activity continues to show up on 
the daily export reporting system with the rise in prices with nothing 
announced in the last two days. On the November chart, trade is above all the 
major moving averages, with the 200-day at $9.75 support, with resistance the 
recent high at $10.03. 

   WHEAT

   Wheat trade is 2 to 5 cents lower at midday with trade staying in the lower 
end of the recent range with selling building during the day session. The 
dollar is firmer this morning as it heads towards the recent highs continuing 
the pattern of early day strength this week. U.S. exports have been slowed 
lately as Black Sea origin continues to dominate. Australia will see more focus 
coming forward as well as the growing season progresses with some flood damage 
concerns in South America. On the December Kansas City support is the lows at 
$4.20 after the 10-day at $4.32 failed to hold which we are testing this 
morning with resistance at the 20-day at $4.40.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered Advisor.
He can be reached at dfiala@futuresone.com 
Follow him on Twitter @davidfiala


(BAS)

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