DTN Grain Midday: Soybeans Soaring

Soybean field ready for harvest. ©Debra L Ferguson

Beans, Wheat Higher at Midday

Corn is flat to 1 cent lower, soybeans are 6 to 7 cents higher, and wheat is 2 to 6 cents higher.

The U.S. stock market is firmer with the Dow 450 points higher. The dollar index is 37 points lower. Interest rate products are weaker. Energies are mixed with crude up $0.20. Livestock trade is mixed with cattle leading. Precious metals are mostly lower with gold down $33.

CORN

Corn trade is flat to 1 cent lower at midday with trade continuing to chop along with little fresh news to push the corn market. The weekly ethanol report showed further production recovery with up 41,000 barrels per day, and stocks down another 700,000 barrels per day.

Warmer drier weather for most is expected for the bulk of the week before cooling next week. Basis has been mostly steady to start the week. On the July contract support is the 20-day at $3.20, and resistance the fresh high at $3.31.

SOYBEANS

Soybean trade is 5 to 7 cents higher at midday with continued currency improvement, along with the idea of further export booking with another 186,000 metric tons of sales hitting the wire. Meal is 1.50 to 2.50 higher, and oil is flat to 10 points lower. The real has gained against the dollar overnight as well getting to the best levels in weeks. South America continues to move soybeans on to the export market as harvest winds down.

Crush margins remain solid for the time being. The July soybean chart support is the lower Bollinger Band at $8.29, and resistance the 20-day at $8.43 which we are now well above, with the upper Bollinger Band at $8.57 the next round up, and we are testing it here this morning.

WHEAT

Wheat trade is 3 to 6 cents higher at midday with trade bouncing back with support from the dollar this morning. The plains look to trend warmer and drier to push the crop along this week. Kansas City is at a 54-cent discount to Chicago on the July with narrower action today, while Minneapolis is back to a 6 cent premium. The July Kansas City chart support is the lower Bollinger Band at $4.32 which we tested last week before bouncing with resistance the 20-day at 4.59 which are just below at midday.

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