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DTN Grain Close: Markets Stay Quiet, Turn Higher

Ernst Undesser
From DTN/Telvent October 19, 2017

DTN Grain Close: Markets Stay Quiet, Turn Higher

©Debra L Ferguson Stock Images

Corn, soybeans and all three wheats put in another day of quiet, narrow range trading, but this time, finished with higher closes. Combines were likely busy as Thursday offered another day of pleasant fall weather for row-crop harvest and winter wheat planting.

 

Midday: Wheat is the leader at midday with trade lightly higher across the board.

CORN

Corn trade is flat to 2 cents higher at midday with range bound trade continuing yet again. Ethanol margins are under a little bit of pressure this morning, with ethanol futures back to $1.40. Basis should see harvest pressure, while carry remains at wide levels.

Weather looks to remain open and better this week for drying corn with some weekend rains possible. Corn moisture has been one of the biggest near term concerns as it has stayed stubbornly high in some areas keeping the harvest focus on soybeans. The weekly export sales were stronger at 1.25 million metric tons.

On the December chart support is at the $3.42 1/2 low with resistance at the $3.55 50-day moving average.

SOYBEANS

Soybean trade is flat to 4 cents higher with light buying continuing in the early day session with 384,000 metric tons of soybeans going to China hitting the daily wire. Meal is flat to $1 lower and oil is 35 to 45 points higher. South American weather forecasts continue to show an uptick in moisture for northern Brazil in the extended forecast with the wetter areas drying out, which should boost planting progress.

Harvest should be well past the halfway point now, with open weather for the rest of the week. The weekly export sales remained solid at 1.28 million metric tons with meal sales at 296,000 metric tons, and 27,400 of oil.

On the November chart, trade is above all the major moving averages, with the 200-day at $9.75 support, with resistance the recent high at $10.03.

WHEAT

Wheat trade is 2 to 7 cents higher at midday with trade remaining range bound in more active trade. The dollar has turned solidly lower this morning, moving back below $93 on the index. U.S. exports have been slowed lately as Black Sea origin continues to dominate but exports exceeded expectations at 615,400 metric tons.

Australia will see more focus coming forward as well as the growing season progresses with some flood damage concerns in South America. Planting progress should pick up substantially for winter wheat this weeks, along with warmer weather supporting emergence.

On the December Kansas City support is the lows at $4.20 after the 10-day at $4.32 being tested to the upside this morning with further resistance at the 20-day at $4.39.

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Ernst Undesser
From DTN/Telvent October 19, 2017