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DTN Midday Grain Comments     10/23 10:44

   Corn, Soybean, Wheat Futures All Higher at Midday Thursday

   Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 
5 to 6 cents higher; wheat futures are 4 to 8 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 
5 to 6 cents higher; wheat futures are 4 to 8 cents higher. The U.S. stock 
market is firmer at midday with the S&P up 25. The U.S. Dollar Index is 15 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude up 3.00 and natural gas is flat. Livestock trade is mixed with trade 
working to consolidate short term. Precious metals are firmer with gold up 
90.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday as we continue to struggle to 
push past the $4.25 area on the front month with little fresh news. Ethanol 
margins are getting a boost from the surge in unleaded values today. Harvest 
should continue to make strong near-term progress as open weather continues 
with most well past the halfway point. Fresh export sales remain unreported 
with the government shutdown, although a strong pace remains expected short 
term. Basis should be close to seeing maximal harvest pressure as well with 
local improvements likely to start showing up. On the December chart, support 
is the 20-day moving average at $4.19, with the summer gap still above the 
market at $4.33.

SOYBEANS:

   Soybean futures are 5 to 6 cents higher at midday with softer spread action 
to start as we remain just below the fall highs. Meal is flat to 1.00 lower, 
and oil is 85 to 95 points higher. Harvest should make good additional progress 
this week we start to get toward the long season and double-crop acres wrap up. 
South American weather looks to be a non-issue short term with Brazil mostly 
catching good rains the past 7 days. Basis will likely remain under pressure as 
the export program lags but should still be near harvest lows. On the November 
chart, resistance is the Upper Bollinger Band at $10.39, which we are just 
below with the 20-day moving average at $10.19 as support.

WHEAT:

   Wheat futures are 4 to 8 cents higher with broader short covering picking up 
during the day session despite the firmer dollar with KC testing nearby 
resistance. Weather should remain mostly favorable for the Plains short-term 
with warmer-than-normal temps continuing to the beginning of November. MATIF 
wheat is flat today. Southern Hemisphere wheat remains in good shape as early 
harvest goes. On the KC December chart, support is at the daily low of $4.77 
1/2 with resistance at the 20-day moving average at $4.92, which we are just 
above at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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