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DTN Midday Grain Comments     10/22 11:06

   All Grains Higher at Midday

   Grain trade is firm across the board at midday, but off the highs.

By David Fiala
DTN Contributing Analyst

General Comments

   The U.S. stock market indices are higher with the Dow futures up 20 points. 
The interest rate products are higher. The dollar index is 32 higher. Energies 
are mixed with crude up $0.20. Livestock trade is higher. Precious metals are 
lower with gold down $7.


   Corn trade is 2 to 4 cents higher at midday with two-sided trade early on. 
Harvest progress should advance substantially this week, but high moisture 
levels are slowing progress and keeping the focus on soybean harvest. The 
weekly ethanol production report showed a 12,000 barrel a day increase in 
production, and a 400,000-barrel drop in stocks, which has been supportive to 
the ethanol and corn markets this morning. On the December chart the $3.49 
10-day moving average is support, with the 20-day at $3.38 below that; 
resistance is the $3.58 level, which trade is just above at midday, with $3.61 
the next level higher from there. The 100-day up at $3.90 is the next upside 
major moving average. Trade has been flirting on both sides of the $3.48 50-day 
the past week. 


   Soybean trade is 8 to 12 cents higher at midday with commercial buying tied 
to soymeal leading the way, in addition to Chinese buying interest. Meal is $6 
to $7 higher and oil is 40 to 50 points higher. Harvest should continue to 
advance quickly on soybeans this week with harvest pushing well past the 
halfway point. South American weather will continue to be a potential issue 
with planting off to a very slow start, and the forward forecasts lacking 
widespread agreement on rains but a near-term upturn in moisture appears 
likely. The USDA announced 419,000 metric tons of beans sold to China, and 
113,000 sold to unknown. On the November chart beans are back above the 10-day 
moving average at $9.53, with the 20-day moving average at $9.38 the next level 
of support. Resistance is the high from last week at $9.78 1/2 which is just 
below the $9.82 50-day moving average, both levels we tested overnight. Harvest 
pressure should intensify this week for beans to help limit upside.


   Wheat trade is 7 to 10 higher across the three contracts at midday with 
support from the firm row crop trade, and the firmer dollar limiting upside. 
The spread trade has firmed again this morning indicating renewed commercial 
interest especially for Kansas City wheat. Weather remains a mixed bag with 
some trouble spots worldwide, especially in Australia. US planting progress 
should pick up this week with more open weather in Kansas. On the December 
Kansas City chart, wheat has support at the 10-day at $5.93, with resistance at 
$6.15, which was the high from last week. 

   David Fiala is a DTN contributing analyst and the president of FuturesOne 
and a registered Trading Adviser. 

   David Fiala can be reached at 

   Follow David Fiala on Twitter @davidfiala


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