July Chicago wheat was up 7 3/4 cents and July K.C. wheat was up 8 1/4 cents, still finding support from concerns of drought and wildfires in the southwestern U.S. Plains. May corn was a little higher and May soybeans were a little lower, but both were showing light trading volume on a day when most commodities were higher.
Midday: Trade is mixed at midday in quiet action.
Corn trade is flat to 2 cents higher at midday with trade firming back off the overnight lows. Fieldwork should expand in some areas this week with drier pockets to the east with warmer temps expected to wait until next week, with delays are expected to persist in Iowa/Minnesota area.
Weekly ethanol production was down a bit on plant maintenance with stocks down from last week, with gasoline demand up sharply.
On the May chart we are just below the 20-day at $3.82 3/8 at midday with the 100-day at 3.71 becoming support if we fade again today.
Soybean trade is 2 to 4 cents lower at midday with trade remaining solidly range bound in back and forth trade. Meal is $3.50 to $4 lower 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 U.S. export wire has quieted down the last few days with no announced sales in a week.
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, along with double crop potential depending on rains.
On the May contract, trade is just below the 10-day at $10.46 with the 50-day at 10.38 as further support.
Wheat trade is flat to 5 cents higher at midday with rain coverage being pulled back slightly on the overnight runs. Warmer conditions coming should help to boost maturity with rain needed to shake off freeze damage along with salvaging diminished potential. Spring wheat growing areas look more open but will need to thaw for better progress to be made.
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.