Soybeans are higher at midday, while wheat is lower.
Corn trade is narrowly mixed at midday with trade continuing to consolidate at the lower end of the March range. The weekly ethanol report had production edging higher, stocks down 523,000 barrels, and gasoline demand holding up well. Ethanol futures have edged higher. Post-weekly report and producer margins remain solid.
Double-crop areas in Brazil look to build some moisture in the coming days; with early harvest expanding in Argentina. The daily wire remains active to start the week with the brisk export pace continuing, and South Korea buying 138,000 metric tons today.
On the May chart, we slipped below the 200-day moving average at $3.79, which is now resistance. The 50-day at $3.73 1/2 is support.
Soybean trade is 2 to 6 cents higher with trade firming again after the liquidation to start the week. Meal is $4 to $5 higher, and oil is 55 to 65 points higher.
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 have improved with meal and oil both working higher today. The export wire has been quiet with business shifting seasonally to Brazil.
On the May contract, support is the 50-day at 10.20 with resistance at the 20-day at 10.50.
Wheat trade is 3 to 9 cents lower at midday with fund selling continuing to weigh on the market as long liquidation continues. The coming week looks drier again, but growth should be boosted in the short term for many areas, with better rains east of I-35 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 chart, wheat support is the lower bollinger band at $4.60, with resistance the 100-day at $4.65.
The U.S. stock market indices are flat at midday with the Dow futures up 15 points. The interest rate products are firmer. The dollar index is 30 points lower. Energies are higher with crude up 1.30. Livestock trade is mostly lower. Precious metals are higher with gold down $12.40.