Trade is mixed at midday in quiet action.
Corn trade is flat to 2 cents lower at midday with trade remaining at the lower end of the recent range so far. Fieldwork should expand in some areas this week with drier pockets to the east with warmer temps expected to wait until next week.
Planting progress was 3% vs. 5% on average, reflecting that it is still plenty early to get excited about delays. Ethanol margins remain positive with usage likely to climb further into spring, with ethanol futures getting back towards $1.50, with a slight pull back to start the week.
On the May chart we are just below the 20-day at $3.82 3/8 with the 100-day at 3.71 becoming support.
Soybean trade is 2 cents higher at midday with light buying with trade trying to regain some footing after the soft start to the week. Meal is $1 to $2 higher and oil is 10 to 20 points higher.
The recent pattern in South America should remain intact near term allowing for greater progress in Brazil harvesting, with values remaining elevated for Brazilian producers to encourage harvest selling in the near term, and the US export wire has quieted down the last few days.
Trade will be looking for signs of additional acres, especially with a slow start to planting in the Dakotas on spring wheat and the slow start to corn, with rains on the southern plains boosting double crop potential of sustained.
On the May contract, trade is right around the 10-day at $10.43 with the 50-day at 10.35 as further support.
Wheat trade is 3 to 6 cents higher at midday with rain coverage being pulled back slightly on the overnight runs, along with mixed conditions. The weekly condition report had 31% good to excellent, up 1 percentage point, and 37% poor to very poor, up 2 percentage points, with 9% headed vs. 10% on average.
Spring wheat was 3% planted, 15% on average, with the extended forecast hinting at warmer conditions. Spring wheat seeding is behind in Russia for the moment, but should see better catching up coming forward, with the slide in the ruble helping their export advantage.
On the May Kansas City contract support is at the 100-day at $4.70 with resistance the 50-day at 4.97.
The U.S. stock market indices are firmer with the Dow futures up 260 points. The interest rate products are firmer. The dollar index is 18 points higher. Energies are narrowly mixed. Livestock trade is mixed with cattle leading. Precious metals are weaker with gold down 4.00.