DTN Grain Midday: All Grains Lower

Freshly harvest soybeans loaded in truck for transport to grain elevator. ©Debra L Ferguson

All Grains Lower at Midday

Corn is 3 to 4 cents lower, soybeans are 7 to 8 cents lower, and wheat is 4 to 9 cents lower.

The U.S. stock market is weaker with the Dow down 80 points. The dollar index is 60 points higher. Interest rate products are weaker. Energies are softer with crude down $0.60. Livestock trade is mostly higher. Precious metals are weaker with gold down $20.

CORN

Corn trade is 3 to 4 cents lower at midday with trade testing the lower end of the range heading towards the weekend with little fresh bullish news to encourage buying. Ethanol margins are stable short term with flat energies and gasoline demand edging higher this week. Basis has remained fairly flat in recent days, with pressure likely at locations with a strong crop coming soon. Weather looks to remain non-threatening. On the September contract, trade continues to have resistance at the 20-day at $3.22, with chart support at the lower Bollinger Band at $3.07.

SOYBEANS

Soybean trade is 7 to 8 cents lower overnight with trade battling between good demand and good weather with another 465,000 metric tons booked to China as the export pace remains torrid. Meal is flat to 1.00 lower and oil is 35 to 45 points lower.

The ral has weakened vs. the dollar the last day or so, but new crop should remain competitive for the U.S. Weather looks to continue to be good for most into podfill. The September chart now has resistance at the 20-day at 8.87 which we are pulling back from, and support the lower Bollinger Band at 8.63.

WHEAT

Wheat trade is 4 to 9 cents lower pushing trade into new lows, with Russian estimates moving higher as they get into better yielding areas of the country. The ruble is holding vs. the dollar as well with more Middle East tenders being scheduled. Spring wheat harvest should build momentum with Canada production estimates strong as well. Kansas City is at an 80-cent discount to Chicago with spreads narrower today, while Minneapolis is back to a 1 cent discount with slight weakness in the intermonth spreads. Kansas City September chart support is the fresh low at $4.09 3/4, with the 20-day back above the market as nearby resistance at $4.39.

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