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DTN Midday Grain Comments 10/13 11:06
Corn Futures Lower at Midday Monday; Soybean, Wheat Mixed
Corn futures are 1 to 2 cents lower at midday Monday; soybean and wheat
futures are mixed.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents lower at midday Monday; soybean and wheat
futures are mixed. The U.S. stock market is bouncing back after the deep
selloff Friday with the S&P 95 points higher at midday. The U.S. Dollar Index
is 28 points higher. The interest rate products are lower. Energy trade is
higher with crude up 90 cents. Livestock trade has cattle and feeders a little
lower at midday after follow-through buying had us higher and at new highs in
early trade. Hogs are flat to firmer. Precious metals continue to move
aggressively higher with gold up $115 and silver up $3 at midday. This has most
gold contracts over $4,000 an ounce and silver up over $50.
CORN:
Corn futures are 1 to 2 cents lower at midday and near the session lows and
1-month lows. Weakness is noted due to the light downward momentum and ongoing
harvest pressure. Concerns over future trade and this big harvest under way are
limiting buyers on strength. End users are expected to buy breaks with the
marketplace looking at the bigger picture of low prices. Low prices should
encourage demand and limit plantings/production if they persist. Seasonally the
trade looks for a bottom around this timeframe in the middle of harvest and
with prices down near the yearly lows. On the December chart, support is at
$4.10, the area of our recent lows, then the late August low at $403 1/2.
SOYBEANS:
Soybean futures are mixed at midday with trade near the middle of the
session range. Meal is $1 lower and soybean oil is 45 points higher. Harvest
should make good additional progress this week around the rains especially to
the east and north later this week. South American weather looks to be a
nonissue into early planting for Brazil with early pace quick so far. So far
this session soybean trade has avoided going below the lows seen on Friday.
This afternoon the trade should react to early afternoon movement; firm some
near the close if we hold but expect also sell stops below the Friday lows if
the market starts to slip. On the November chart, resistance is at the 20-day
moving average at $10.19 then the upper Bollinger Band at $10.43. November
chart support is at $10.02 1/2, the Friday low, then the Oct. 1 low of $9.93
3/4.
WHEAT:
Wheat futures are mixed at midday and in the middle of the session range
with KC December moving from around 3 cents higher to 3 cents lower. The
futures continue to illustrate limited fundamental or chart change with a
slower grind lower with some new lows again seen Monday. Warmer weather should
help planting and emergence continue to catch up overall for winter wheat
domestically. MATIF wheat remains on the lower end of the range as well with
selling returning as the euro firms. Southern Hemisphere wheat continues to
develop well. On the KC December chart, support is at the daily low of $4.79
1/2 with resistance the 20-day moving average at $5.01.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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