Row-crop prices were lower most of Friday after USDA reported a cancelled soybean sale to China and stretched a little lower at the finish with November soybeans showing a final loss of 6 3/4 cents. All three wheats held small gains on light volume with slight help from a lower U.S. dollar.
Midday: Row crops are lower, wheat firmer at midday.
Corn trade is 2 to 3 cents lower in quiet midday trade with the market looking to build footing going into a harvest weekend. The harvest pace should begin to build again the next few days with the more open weather expected to persist into late October, although some forecasts have started to drift wetter.
Ethanol margins have found some short term support with ethanol futures firming this morning. Corn basis should start to see renewed pressure with better harvest pace.
On the December chart support is at the 20-day at $3.67 with the 50-day at $3.64 just below that, with the 10-day just above the market at $3.70, and the 100-day just above that at $3.71.
Soybean trade is 3 to 4 cents lower with trade unable to hold the early strength after further cancellations of imports by China. Meal is $2 to $3 lower and oil is 30 to 40 points higher.
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Soybean basis will likely see pressure with harvest continuing to expand. Quality concerns remain at the forefront as well, which will take a while to sort out. Crush margins remain strong in the near term. South America should continue to see fairly normal early season progress in the near term with good moisture with the biggest concerns in Argentina. The USDA announced that China canceled three cargos of soybeans.
On the November chart support is the 50-day at $8.55 with the 20-day at $8.62 above that.
Wheat trade is 2 to 3 cents higher at midday with light buying on spread on unwinding heading into the weekend. The U.S. dollar has jumped back above 95.5 with more flight to safety trade this week on the outside market concerns.
Winter wheat planting is ongoing with better conditions in North America than Europe with plenty of moisture on the plains, along with mixed Black Sea area conditions. Australia remains in the recent weather pattern with some relief in the drier areas. MATIF milling wheat is mixed this morning.
On the December Kansas City chart, we are below at the 10-day and 20-day at 5.21 with the lower Bollinger Band support at 5.10. Resistance is at the upper Bollinger Band at $5.32.