November soybeans jumped up 24 cents and December soybean meal finished up $10.10, getting boosts from crop concerns in the field and commercial buying. Corn and wheat posted more modest gains but did end higher as did most other commodities on Monday.
Midday: Corn and soybeans score new highs for the move, wheat narrowly mixed.
Corn trade is 3 to 4 cents higher at midday with trade scoring new highs for the move with support from soybeans and weather. More open weather should return this week, but will take a bit to get everyone back up to speed. Ethanol margins remain under pressure with the firmer corn trade and weaker recent action in the energy complex with ethanol futures still holding the $1.31 area.
Corn basis is expected to stay sideways with wet weather limiting weakness in some areas. The weekly export inspections were a bit disappointing at 996,643 metric tons. Weekly crop progress is expected to show harvest falling behind normal, with steady conditions.
On the December chart support is at the $3.67 10-day with trade above the 100-day at midday at 3.73, and the 200-day next resistance at $3.88.
Soybean trade is 13 to 16 cents higher at midday with damage concerns helping to boost trade with the recent highs being taken out this morning. Meal is 6.00 to 7.00 higher and oil is 10 to 20 points higher. Soybean basis has found some footing with the delays, although it remains abnormally wide with more focus on quality losses with aggressive discounts seen along the river system.
Crop losses from the weather will likely take awhile for trade to sort out which will likely trigger volatile trade. Crush margins remain strong. South America should continue to see fairly normal early season progress in the near term. Weekly crop progress will likely show harvest well behind average now. Weekly export inspections were stronger at 1.157 million metric tons.
On the November chart, support is the 10-day at $8.63 with resistance the 100-day at 8.89.
Wheat trade is mixed at midday with trade trying to build on the Friday gains, led by the winter wheats. The U.S. dollar has faded back below 95 with some light selling to start the week.
World spring wheat harvest is nearing completion, while winter wheat planting is ongoing with better conditions in North America than Europe with plenty of moisture on the Plains. Australia remains in the recent weather pattern with some relief in the drier areas.
Weekly crop progress is expected to show planting and emergence near average. Weekly export inspections were inline with recent weeks at 450,980 metric tons.
On the December Kansas City chart, we are just above at the 10-day and 20-day at 5.20 with the lower Bollinger Band support at 5.09, and resistance the upper Bollinger Band at $5.30.