Trade continues to work lower with broad selling returning during the day session.
Corn trade is flat to 1 cents lower at midday with trade trying to regain firm back from a fresh low again with little fresh news to start the week. South America crop progress looks to remain on track for corn. Ethanol margins remain under pressure for producers, but blender margins continue to improve with ethanol futures back below $1.30 and unleaded futures firmer.
Corn basis will be supported by ongoing weather issues nearby with gulf offers struggling. Early planting is going in the south as well with weather concerns likely to build in the north into March with flooding the main concern. Weekly export inspections are expected to be in the 700,000 to 1.0 million metric tons but were delayed by technical issues.
On the May chart support is at the $3.62 1/4 contract lows which were tested this morning. Resistance is at the $3.71 10-day moving average.
Soybean trade is 3 to 5 cents lower with light selling after early strength with trade scoring new lows again even with 926,000 metric tons confirmed sold to China. Meal is $1.50 to $2.50 lower and oil narrowly mixed.
South America weather should maintain the recent pattern in the coming days with Brazil harvest moving along and normal progress in Argentina. Crush margins remain strong overall with meal still holding $300. Trade progress has not added much news the last few days. Weekly export inspections are expected to be in the range of 700,000 to 1.0 million metric tons.
On the May chart, support is at the $8.89 1/2 low printed this morning with resistance at the $9.08 10-day moving average.
Wheat trade is 4 cents lower to 2 cents higher with spring wheat leading as fund selling returned for the winter wheats pushing them to new lows again.
Export news has been quieter lately on the world front. The dollar has come back to 97.30 on the index with choppy trade. Cooler-than-normal weather will keep wheat development slow on the Plains, and spring wheat planting likely to start slow this year. Weekly export inspections are expected to be in the 400,000 to 600,000 metric tons.
On the May Kansas City chart, support is low at $4.23 1/4 fresh low with resistance at the 10-day at $4.40.
The U.S. stock market indices are weaker with the Dow 80 points higher. The interest rate products are firmer. The dollar index is narrowly mixed. Energies are mixed, with crude 0.55 higher. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold down 6.40.