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DTN Grain Close: Little Market Movement

Ernst Undesser
From DTN/Telvent October 10, 2017

DTN Grain Close: Little Market Movement

Corn pouring out of an auger during corn harvest. Photo: ©Debra L Ferguson Stock Photography

Corn, soybeans and Chicago wheat saw another day of quiet trading on low volume as front contracts all settled less than a cent away from Monday’s finishes. December Minneapolis wheat was the lone exception, ending down 5 3/4 cents after being hit by a brief spurt of selling volume late in the session.

 

Midday: Quiet trade at midday with markets near unchanged.

CORN

Corn trade is narrowly mixed at midday in quiet trade with a 3 cent range so far. Ethanol margins are improved overnight as crude moves back above $50 per barrel with ethanol futures edging higher as well.

Another batch of storms will limit near-term progress in the west with the weekly crop progress report expected to show harvest and maturity lagging substantially and export inspections remained soft with 524,168 metric tons inspected last week.

On the December chart support is at the $3.44 1/4 contract low with resistance at the $3.51 20-day then the $3.58 three-week high.

SOYBEANS

Soybean trade is flat to 2 cents higher at midday with trade giving back the early gains again today, but continuing to hold support. Meal is $1 to $2 higher and oil is 10 to 20 points lower. Slow harvest progress should help to support basis in the near term, with the rains expected to help barge traffic coming forward.

Export inspections were solid at 1.484 million metric tons, and harvest progress is expected to remain behind normal this afternoon. South American weather remains mixed in the near term with drier weather expected for Argentina to allow planting to progress while northern Brazil remains excessively dry for the early part of the growing season. Trade will be looking for a more active daily wire now that China is back from the fall holiday break with 131,000 metric tons announced as sold today.

On the November chart, the recent $9.37 low remains major chart support, with the 20-day at $9.66 now nearby support with resistance at the $9.76 200-day moving average which we tested overnight then the $9.87-$9.89 area of the two-month highs.

WHEAT

Wheat trade is narrowly mixed at midday with trade trying to hold the lower end of the recent range in the early session with the early attempt to rally fading as well. The dollar rally continues to fade but remains over $93 on the index. U.S. export business will continue to be at a disadvantage in the near term with Black Sea origins continuing to dominate with Russia working to boost logistics and securing more sales today.

Australia will continued to be watched with their early-season difficulties so far. Rains across Kansas should boost moisture levels that will be helpful for winter wheat but may extend planting delays as we get later in the season with insurance dates rapidly approaching with progress expected to remain solidly behind normal for planting and emergence. The weekly export inspections were soft at 350,632 metric tons.

On the December Kansas City support is the contract low at $4.20 with the 20-day at $4.44 resistance.

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Ernst Undesser
From DTN/Telvent October 10, 2017