DTN Grain Midday: All Grains Higher

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

Corn is 1 to 2 cents higher, soybeans are 10 to 11 cents higher, and wheat is 4 to 8 cents higher.

The U.S. stock market weaker with the Dow down 190 points. The dollar index is 15 points lower. Interest rate products are higher. Energies are firmer with crude up $0.70. Livestock trade is mixed. Precious metals are mixed with gold down $22.


Corn trade is 1 to 3 cents higher with trade following soybeans higher at midday after early two sided trade along with 120,000 metric tons announced n the export market. The export wire was quiet for corn yesterday, and spreads are firmer. Ethanol margins continue to see pressure with the firm corn trade. Basis has remained fairly flat with steady action expected to start the week.

Weekly export sales were good at 1.61 million metric tons. On the December contract, trade has support at the $3.56 20-day moving average, with the recent high at $3.74 as resistance.


Soybean trade is 10 to 12 cents higher at midday with trade scoring new highs after bouncing off the selling after the news about China import quotes remaining unchanged with sales of 264,000 metric tons to China, and 306,500 metric tons to unknown. Meal is $6.50 to $7.50 higher 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. Export offers continue to get tighter in availability as well.

Weekly export sales remain strong at 2.46 million metric tons, with net meal sales at 91,900 metric tons, and 100 of oil, leaving product sales softer. The November chart has resistance at the upper Bollinger Band at $10.29 with the spike high at 10.24 above that with support the 20-day at $9.62.


Wheat trade is 5 to 8 cents higher with the row crops pulling wheat back from early weakness while European dryness will remain supportive short term. 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 10 cent discount with narrower action to start. Wheat drilling progress should expand across the Plains short term with OK moisture for most.

Weekly export sales were softer at 335,700 metric tons. 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 $4.69.

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