Trade is lightly higher across the board at midday.
Corn trade is narrowly mixed at midday with trade trying to find some footing after the break to start the week. Some aggressive long profit taking to start the week, trade will be watching to see if selling continues during the afternoon session today, with trade unable to sustain moves in either direction so far.
Ethanol margins remain positive with spring driving season approaching, bolstering blender demand in the near to medium term, with gasoline demand very strong for spring so far. Double-crop areas in Brazil look to build some moisture in the coming days; with early harvest expanding in Argentina.
The daily wire was active to start the week with the brisk export pace continuing, and Peru buying 110,000 metric tons today. On the May chart, we slipped below the 200-day moving average at $3.79, with the 50-day at $3.72 3/4 the next level of support.
Soybean trade is 3 to 6 cents higher with trade bouncing slightly this morning after the liquidation to start the week. Meal is $1 to $2 higher, and oil is 15 to 25 lower.
The weather pattern looks to return to some near term dryness for much of South America with rains for much of the eastern belt incoming for the United States, with southern planting off to a slow start. Crush margins continue to narrow with meal dipping lower, but they remain solidly positive.
The export wire has been quiet with business shifting seasonally to Brazil. On the May contract, support is the 50-day at 10.18 with resistance at the 20-day at 10.50.
Wheat trade is flat to 5 cents higher at midday with lower condition ratings encouraging some light buying after the heavy selling of the last few days. The coming week looks drier again, but growth should be boosted in the short term for many areas with good coverage across south central Kansas and parts of Oklahoma.
The extended forecast is better for the eastern areas with the west remaining on the dry side with significant forecast disagreement in the extended forecast.
The dollar index remains just below 90 on the index, with sideways trade continuing. Black Sea-origin prices have been more sideways, but the U.S. remains disadvantaged on the world market.
On the May Kansas City wheat support is the 100-day at $4.65 after we fell through the 50-day at $4.85 yesterday.
The U.S. stock market indices are higher at midday with the Dow futures up 150 points. The interest rate products are firmer. The dollar index is 40 points higher. Energies are higher with crude up 1.50. Livestock trade is mixed. Precious metals are lower with gold down $5.30.