DTN Midday Grain Comments     10/22 10:48

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

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

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 5 to 6 cents higher; wheat futures are 2 to 4 cents higher. The U.S. stock 
market is weaker at midday with the S&P off 35. The U.S. Dollar Index is 7 
points lower. The interest rate products are weaker. Energy trade is mixed with 
crude up 1.10 and natural gas is off .03. Livestock trade is weaker with cattle 
the downside leader. Precious metals are mixed with gold off 55.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with rangebound action 
continuing with little other fresh news. Ethanol margins look to remain stable 
with the weekly report showing production up by 38,000 barrels per day, and 
stocks down by 700,000 barrels on the week. Harvest should continue to make 
strong near-term progress as open weather continues. 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. 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 meal leading product 
action as we continue to chop just below the fall highs. Meal is 1.50 to 2.50 
higher, and oil is flat to 10 points lower. Harvest should make good additional 
progress this week as 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 as 
planting moves forward at a good pace. 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 $10.38, which we are 
just below at midday with the 20-day moving average at $10.16 as support.

WHEAT:

   Wheat futures are 2 to 4 cents higher at midday with sideways action 
continuing with little fresh news to entice short covering and little spillover 
from the row crops so far. Weather should remain mostly favorable for the 
Plains short-term with warmer-than-normal temps continuing to the beginning of 
November. MATIF wheat is slightly higher 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 $4.93.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




(c) Copyright 2025 DTN, LLC. All rights reserved.