DTN Grain Close: Corn Rebounds as Export Hints Surface

Photo: University of Tennessee

One day after falling 12 cents, March corn jumped 13 3/4 cents, helped by signs of increased export interest for corn. Soybeans and wheat followed corn’s lead with March KC wheat sporting a 9 1/2 cent gain.




Corn trade is 7 to 8 cents higher at midday with good buying during the day session as we bounce back to the mid-part of the range. Ethanol margins remain tight, with futures just above the lows with export business needing to pick up, or we will likely see plants being idled again soon. U.S. weather will likely limit short-term movement in most areas.

Basis has remained sideways overall this week. On the March contract support is $3.77 recent low, with the lower Bollinger Band at $3.79 just above that, and resistance the 20-day at $3.85.


Soybean trade is flat to 1 cent lower higher at midday with trade still grinding near the lows with one more gap area to fill nearby with trade still waiting to see fresh export news. Meal is flat to $1.00 lower, and oil is 5 to 15 points higher. The Brazilian ral remains very cheap as well. South American weather remains within the recent pattern for soybeans as well.

Basis has remained firm at processors with the strong crush margins. The March chart support is at the December gap at $9.15 after trade fell below the $9.27 gap yesterday which is resistance for now.


Wheat trade is 1 cent to 5 cent higher at midday with Minneapolis taking the lead after Chicago was the overnight leader. Cold threats remain limited for the Plains with most of the moisture staying to the east, with western snow cover remaining limited, while Russia has been warmer and drier while the dollar gains vs. the ruble.

Kansas City is at an 80 cent discount to Chicago, while Minneapolis is back to a 12 cent discount. The March Kansas City chart support is the 20-day moving average at $4.79, with resistance the upper Bollinger Band at 5.03.

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