Monday saw quieter trading volume and lower closes among corn, soybean, and winter wheat. September Minneapolis wheat closed up 9 1/4 cents with ongoing support from extreme drought in the northwestern Plains.
Midday: Trade has started to edge higher at midday due to the forecast heat this week.
Corn trade is 1 cent higher at midday after testing last week’s lows to start the overnight trade; we are 7 cents above the daily low at midday. Trade has been mixed with good rain potential in some areas battling concerns with heat in much of the western belt.
The weekly export inspections were strong at 1.109 million metric tons. The weekly crop progress report is expected to show mostly steady to slightly lower conditions with maturity continuing to lag for corn.
On the December chart support is at the $3.83 low seen last week with resistance the $3.91 20-day moving average then the $4.00 10-day.
Soybean trade is 1 to 4 cents higher at midday with trade firming off 7-8 cent lower trade seen last night into the morning. Meal is flat with bean oil 15 to 20 points higher. The noon forecasts will provide more direction today with the key reproductive season around the corner for beans.
The weekly crop progress us expected to show slightly lower conditions and maturity remaining around normal. China is expected to remain active in the market after signing frame contracts last week. The weekly export inspections were softer at 285,972.
On the November chart support is at the 200-day moving average at $9.83 with resistance at the 10-day at $10.10.
Wheat trade is 5 lower to 8 higher at midday with Minneapolis trade leading action again with winter wheat harvest in the home stretch and continued stressful weather for the Dakotas. The dollar remains at the lower end of the range overnight, but the Black Sea continues to dominate export business for now.
Spread trade remains very soft for the winter wheat, and spring wheat went back to a small carry last week, with steady action this am. Crop progress should show further spring wheat condition losses, and winter wheat harvest past 75% complete, with export inspections OK at 587,627 metric tons.
On the December Kansas City contract support is the 50-day at $5.06 with the 20-day at $5.40 resistance.