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DTN Midday Grain Comments     10/27 10:51

   Corn, Soybeans Looking Up Midday Wednesday

   Corn trade is 12 to 13 cents higher, beans are 4 to 5 cents higher and wheat 
is flat to 6 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is mixed with the Dow down 130 points. The U.S. Dollar 
Index is 0.05 lower. Interest rate products are mixed. Energies are weaker with 
crude down $1.25. Livestock trade is mixed with live cattle leading. Precious 
metals are mixed with gold flat.


   Corn trade is 12 to 13 cents higher at midday Wednesday, pushing through 
nearby resistance and firm spread trade to test multiweek highs. Ethanol 
margins should support production near term with stocks falling 155,000 barrels 
as production rose another 10,000 barrels to extend the winning streak. Basis 
should remain steady to firmer short term as harvest pressure eases. On the 
December contract, we have chart support at the 20-day at $5.32 and resistance 
at the retracement levels of $5.68 after we moved past the upper Bollinger Band 
at $5.53 this morning.


   Soybean trade are 4 to 5 cents higher at midday with trade fading from the 
test of $12.50 Wednesday morning, with the export wire quiet with oil side of 
the complex sliding. Meal is $5.50 to $6.50 higher and oil is 0.90 cent to 1.00 
cent lower, with meal needing to consolidate gains to boost crush values. 
Brazil looks to have good short-term conditions with Argentina more mixed 
nearby, but major issues limited overall in early planting. On the November 
soybean chart, trade is just above the 20-day at $12.31 with the recent high at 
$12.57 1/2 the next round up as the morning high, with further support at the 
lower Bollinger Band at $11.98.


   Wheat trade is flat to 6 cents higher at midday with Chicago holding up the 
best as Minneapolis tries to shake off the late reversal Tuesday. The dollar 
remains in the upper part of the recent range in quieter action. Spring wheat 
remains at a 2.62-cent premium to Chicago, with KC at 22-cent premium in weaker 
action after fresh highs were scored Tuesday. Weather in the Plains had some 
moisture to boost early stands but remains mixed. KC December chart support is 
at the 20-day at $7.49 with resistance at the upper Bollinger Band at $7.82, 
which tested Tuesday with the fresh high at $7.90 above that.

   David Fiala can be reached at 

   Follow him on Twitter @davidfiala

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