Choppy to lower action across the board at midday.
Corn trade is narrowly mixed at midday with trade remaining at the upper end of the range. Ethanol margins should remain steady in the near term with the rebound in the energy market, with futures edging slightly higher this morning. USDA announced 116,000 metric tons corn sold to Japan. U.S. export values should remain pretty competitive at current U.S. offers.
On the March chart, support is at the 10-day at $3.65 with the 20-day at 3.61 below that, with the 200-day moving average at $3.76 the highest moving average and major resistance.
Soybean trade remains volatile with trade 1 to 4 cents lower at midday with a 16 cent range so far with trade coming back off dime-lower trade earlier in the session. Meal is narrowly mixed and oil is flat to 10 lower. There should volatility moving forward with the moves to new highs for the move this week and the important weather month of February in South America as it gets deeper into the growing system.
The Argentine weather picture continues to be watched with little relief expected in the next week. Early Brazilian harvest will continue despite being slowed by rains, causing some crop losses. The USDA announced 24,400 metric tons of oil sold to South Korea.
On the March chart, support is the 10-day moving average at $9.94, with resistance the $10.28, which is the six-month high scored this morning.
Wheat trade is narrowly mixed at midday with trade trying to pull back slightly with fresh bullish news needed to take trade higher from here with ample world stocks remaining a limited factor despite weather. The dollar is back to the lower end of the range.
The Plains look to remain dry in the short term, with the best chances for rain to the east. The Russian crop will continue to be watched with less cover than usual, and India shaping up to potentially import more bushels the coming year.
On the March chart, Kansas City wheat support is at the 10-day and 200-day moving average at $4.72, and then the 20-day at $4.60 then the recent high at $4.84 1/2.