Soybeans lead at midday with corn lower, and wheat sharply lower.
Corn trade is 3 to 4 cents lower at midday with trade drifting lower with spillover pressure from wheat. Ethanol margins remain positive with more improvement expected as we progress towards spring with ethanol futures backing off heading towards the weekend.
Double-crop areas in Brazil look to build some moisture in the coming days; with early harvest starting in Argentina. The daily wire was quiet again today, but US origin remains competitively priced on the world market.
On the May chart, trade is back below the 10-day at $3.89 with the 20-day at $3.83 the next level of support, and resistance the high at $3.95 1\2.
Soybean trade is 3 to 6 cents higher at midday with trade hanging just below resistance. Meal is flat to $1.00 higher and oil is 10 to 20 points higher. The weather pattern is bringing some rain to parts of Argentina with Brazil remaining mostly the same in the next week, while harvest continues to expand, with logistic issues being watched, as they are typical for this time of year.
Crush margins have narrowed a little with the meal slump but remain strong overall, with NOPA crush beating expectations at 153.48 million bushels yesterday, 5 million more than expected. The USDA announced 20,000 metric tons of soyoil sold to unknown.
On the May contract, support is the 50-day at 10.17 below that, with resistance the 20-day at 10.51 that we continue to remain below.
Wheat trade is 3 to 14 cents lower at midday with improved forecast for parts of Kansas encouraging selling, while spring wheat remains near flat. Plains weather will likely keep the SW Plains dry though with most improvement slated for north of I-70, and east of I-35.
The dollar index remains just below 90 on the index, with sideways trade continuing. Black Sea-origin prices have drifted lower, solidifying their advantage in export markets, with better spring weather showing up for the area.
On the May Kansas City wheat support is the 50-day at $4.84 after we slipped through the 20-day at $5.15 overnight.
The U.S. stock market indices are higher at midday with the dow futures up 125 points. The interest rate products are mixed. The dollar index is 20 points higher. Energies are mixed with crude up 0.10. Livestock trade is lower. Precious metals are lower with gold down $6.50.