Corn is 2 to 3 cents higher, soybeans are 15 to 17 cents higher, and wheat is flat to 4 cents higher.
The U.S. stock market is higher with the Dow up 200 points. The dollar index is 15 points lower. Interest rate products are firmer. Energies are firmer with crude up $1.50. Livestock trade is mixed. Precious metals are mixed with gold up $11.
Corn trade is 2 to 3 cents higher at midday with trade firming off the lows with spillover support from soybeans, with harvest progress likely to build further this week. The export wire was quiet for corn today, but spreads remain steady to firm.
Soybean trade is 15 to 17 cents higher with the announcement of 327,000 metric tons of soybeans sold to China and reversal from the overnight weakness pushing trade to fresh highs. Meal is $4.50 to $5.50 higher, and oil is 65 to 75 points higher. The ral remains in the lower end of the range ahead of South American planting with farmers waiting for seasonal rains. Export offers continue to get tighter in availability as well. The November chart has resistance at the upper Bollinger band at $10.19 with the spike high at 10.12 1/2 above that with support the 20-day at $9.54.
Wheat trade is flat to 4 cents higher with trade testing support before spillover from the row crops help to push us higher. The dollar remains steady vs. the ruble with little change in world export competitiveness. Kansas City is at a 66-cent discount to Chicago with spreads getting back to the recent lows, while Minneapolis is back to a 13 cent discount with wider action to start. Kansas City December chart resistance is the upper Bollinger Band at $4.88 with $5.00 the next round up, and support is the 20-day at $4.66 which we tested overnight.