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DTN Midday Grain Comments     10/25 10:50

   Corn Down, Soybeans Up Midday Monday

   Corn trade is 2 to 3 cents lower, beans are 9 to 11 cents higher and wheat 
is flat to 8 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is firmer with the Dow up 50 points. The U.S. Dollar 
Index is 0.15 higher. Interest rate products are mostly higher. Energies are 
firmer with crude up 1.00. Livestock trade is firmer led by cattle. Precious 
metals are firmer with gold up $12.00.


   Corn trade is 2 to 3 cents lower at midday Monday with early gains fading 
while spread action remains flat to firmer with little fresh news as harvest 
slows. Harvest progress will likely remain ahead of average on the weekly 
report but will fall closer to average with the weekend precipitation across 
much of the belt, with weekly export inspections soft at 545,127 metric tons. 
Ethanol margins should remain stable to better short term with production 
continuing to surge despite natural gas prices as we work to rebuild stocks as 
driving demand continues to edge higher. Basis should remain steady to firmer 
short term as harvest pressure eases. On the December contract, we have chart 
support at the 20-day at $5.32, and resistance the upper Bollinger band at 
$5.48 as trade pushed back into last week's highs at $5.40 before fading.  


   Soybean trade is 9 to 11 cents higher at midday with trade remaining 
rangebound with weaker spread action so far Monday, with little fresh news. 
Meal is flat to $1.00 lower and oil is 0.90 cent to 1.00 cent higher and early 
meal gains fading again. Harvest will slow with recent rains but should remain 
above average on the weekly progress report with inspections holding up well at 
2.105 million metric tons but off the surge from last week. Brazil looks to 
have good short-term conditions with Argentina more mixed nearby, but overall 
major issues limited in early planting. On the November soybean chart, trade is 
just below the 20-day at $12.35, with support at the lower Bollinger Band at 


   Wheat trade is flat to 8 cents higher at midday with Minneapolis action 
leading as it consolidates over $10.00, with firm intramonth spread action 
turning flat as KC creeps towards an inverse. The dollar remains in the upper 
part of the recent range as well with firmer action Monday. Spring wheat 
remains at a 2.63-cent premium to Chicago, with KC at 15-cent premium in mixed 
action. Weather in the Plains remains fairly neutral for the moment with 
planting and emergence and emergence remaining around average with the initial 
conditions expected to be a bit ahead of a year ago, with export inspections 
remaining soft at 140,413 metric tons. KC December chart support is at the 
20-day at $7.43 with resistance at the upper Bollinger Band at $7.80, which we 
tested overnight.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala

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