DTN Grain Midday: All Grains Lower

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

Corn is 2 to 3 cents lower, soybeans are 5 to 7 cents lower, and wheat is 6 to 10 cents lower.

The U.S. stock market is higher with the Dow up 140 points. The dollar index is 11 points higher. Interest rate products are lower. Energies are firmer with crude up $0.40. Livestock trade is mixed. Precious metals are weaker with gold down $4.

CORN

Corn trade is 2 to 3 cents lower at midday with quiet trade so far as we work to consolidate more at the upper end of the range with buying momentum slowing. USDA announced 120,000 metric tons of corn sold to unknown. Ethanol margins could get a boost from the E15 ruling but the overall energy complex remains at the lower end of the range. Basis has remained fairly flat with steady action expected to start the week.

Weekly crop progress showed conditions off 1 percentage point to 60% good to excellent and 15% poor to very poor with 89% dented vs. 82% on average, 41% mature vs. 32% on average, and 5% harvested same as average. On the December contract, trade has support at the $3.54 20-day moving average, with the recent high at $3.71 as resistance.

SOYBEANS

Soybean trade is 5 to 7 cents lower with weaker spread action, and trade backing off as harvest expands despite another 132,000 metric tons each to China and unknown on the daily wire. Meal is $2.50 to $3.50 lower, and oil is 10 to 20 points lower. The ral remains in the lower end of the range ahead of South American planting with farmers waiting for seasonal rains.

Weekly crop progress showed good to excellent down 2 percentage points to 63% good to excellent, with 14% poor to very poor, while 37% were shedding leaves vs. 31% on average. The November chart has resistance at the upper Bollinger Band at $10.07 with the spike high at 10.08 3/4 above that with support the 20-day at $9.51.

WHEAT

Wheat trade is 7 to 11 cents lower with trade fading back towards support with little fresh news to drive the market as spillover from row crops wanes. The dollar remains steady vs. the ruble with little change in world export competitiveness. Kansas City is at a 71-cent discount to Chicago with spreads widening slightly today, while Minneapolis is back to a 12 cent discount with narrower action to start. Spring wheat were 92% harvested same as average. Kansas City December chart resistance is the upper Bollinger Band at $4.89 with $5.00 the next round up, and support is the 20-day at $4.66 which we are testing at midday.

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