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DTN Midday Grain Comments     10/07 10:48

   Corn Futures Higher at Midday; Soybeans Lower; Wheat Flat-Higher

   Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 1 
to 2 cents lower; wheat futures are flat to 3 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 1 
to 2 cents lower; wheat futures are flat to 3 cents higher. The U.S. stock 
market is weaker with the DOW down 475 points. The U.S. Dollar Index is 15 
points higher. Interest rate products are weaker. Energies are mostly higher 
with crude up 2.90, and natural gas is off .20. Livestock trade is mixed with 
live cattle leading. Precious metals are weaker with gold 13.00 lower.

CORN:

   Corn futures are 5 to 6 cents higher at midday with firmer action during the 
day session as trade continues to work the middle of the recent range with 
mixed outside market spillover and likely late-session selling for a harvest 
weekend. Short-term forecasts have the center of the belt drier with moderating 
temps to keep harvest moving along into midmonth. The export wire will need to 
show more life soon with nothing in recent days and river issues remaining 
notable for shipping. Ethanol margins will likely chop along with softer 
driving demand and refinery disruptions to keep upside limited for now. But the 
recent stocks drawdown will add support into midmonth. Basis will continue to 
see harvest and shipping pressure in the middle of the belt while bushels are 
bid for in the east. On the December chart, trade is just above the 20-day 
moving average at $6.79 with the recent high at $6.95 above that with the lower 
Bollinger Band at $6.64 as further support.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower at midday with trade working to 
consolidate at the lower end of the recent range with harvest pressure ongoing 
as well as demand and shipping questions. Meal is $1.50 to $2.50 higher, and 
oil is 50 to 60 points lower. South America has early planting underway with 
mixed overall conditions and better in Brazil to start, while the U.S. dollar 
and shipping issues limit U.S. export interest. Basis will likely see further 
pressure as shipping issues and rising carry limit the need of processers to be 
aggressive even with solid crush margins. On the November soybean chart, trade 
has the 20-day moving average at $14.22 as resistance well above the market, 
with the lower Bollinger band at $13.37 as support, which we have held above so 
far Friday.

WHEAT:

   Wheat futures are flat to 3 cents higher with trade bouncing back from the 
test of nearby support Thursday with buying again fading during the day session 
as action continues to consolidate in the upper end of the range. The Plains 
look dry short term, but enough recent rains fell in some areas to keep 
planting moving forward short term. MATIF wheat remains near the upper end of 
the range with firmer action so far Friday as well with signs of grain corridor 
movement slowing. The KC December chart has support at the 20-day moving 
average at $9.58, and the fresh high at $10.09 as resistance, which we failed 
at earlier in the week.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala




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