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DTN Midday Grain Comments 10/24 10:55 Corn, Soybean Futures Lower at Midday Friday; Wheat Higher Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 1 to 2 cents lower; wheat futures are 1 to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 1 to 2 cents lower; wheat futures are 1 to 3 cents higher. The U.S. stock market is firmer at midday with the S&P up 65. The U.S. Dollar Index is 6 points higher. The interest rate products are weaker. Energy trade is mixed with crude up .50 and natural gas is 11 lower. Livestock trade has cattle limit lower and hogs flat. Precious metals are mixed with gold off 2.00. CORN: Corn futures are 3 to 4 cents lower at midday with trade fading off the late session highs scored Thursday as we work solidly above nearby support. Ethanol margins are seeing support from unleaded gains holding after the Thursday surge. Harvest should continue to make strong near-term progress as open weather continues with most well past the halfway point. Fresh export sales are expected to remain active given the recent shipping pace. Basis should be close to seeing maximal harvest pressure likely to being easing. 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 1 to 2 cents lower at midday with trade holding just below the fall highs with meal leading products again. Meal is 1.50 to 2.50 higher, and oil is 25 to 35 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 for the year. South American weather looks to be a non-issue short term with Brazil mostly catching good rains the past 7 days. 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 $10.44, which we are just below at midday with the 20-day moving average at $10.20 as support. WHEAT: Wheat futures are 1 to 3 cents higher at midday with trade looking to hold the Thursday push through resistance for KC for the first time in over a month. Weather should remain mostly favorable for the Plains short-term with a trend toward a little more seasonal weather on deck. MATIF wheat is flat as it holds the lower end of the range. Southern Hemisphere wheat remains in good shape as early harvest goes. On the KC December chart, support is the 20-day moving average at $4.92 as resistance, which we surged through Thursday, then the Upper Bollinger Band at $5.05 as the next round up. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.
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