DTN Grain Midday: All Grains Lower

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

    Corn is 7 to 8 cents lower, soybeans are 16 to 18 cents lower, and wheat is 12 to 16 cents lower.

    The U.S. stock market is sharply lower with the Dow down 935 points. The dollar index is 840 points higher. Interest rate products are higher. Energies are firmer with crude down $2.20. Livestock trade is weaker with cattle the downside leader. Precious metals are weaker with gold down $70.


    Corn trade is 7 to 8 cents lower to open the week with selling so far with harvest likely to expand significantly this week, while exports will remain in focus with nothing on the daily wire for corn. Ethanol margins will be tighter with the crude weakness. Basis has remained fairly flat with steady action expected to start the week.

    Weekly export inspections were OK at 755,111 metric tons. Weekly crop progress is expected to show steady to weaker conditions with maturity and harvest progress ahead of normal. On the December contract, trade has support at the $3.62 20-day moving average, with the recent high at $3.79 as resistance.


    Soybean trade is 16 to 18 cents lower at midday with light two sided action turning to broad selling, with weaker spread trade as we remain near multi-year highs while further fresh sales of 132,000 metric tons to China, 132,000 to Pakistan, and 171,000 to unknown. Meal is $3.00 to $4.00 lower and oil is 75 to 85 points lower. The ral remains in the lower end of the range ahead of South American planting with farmers waiting for seasonal rains while Argentine farmer selling remains slow. Export offers continue to get tighter in availability as well.

    Weekly export inspections remain solid at 1.310 million metric tons. Weekly crop progress should show steady to lower conditions, and maturity ahead of normal. The November chart has resistance at the upper Bollinger Band at $10.46 3/4 which is also the fresh high with support the 20-day at $9.73.


    Wheat trade is 12 to 16 cents lower with spillover pressure from the row crops this a.m. and little fresh wheat-specific news. The dollar remains steady vs. the ruble with little change in world export competitiveness. Kansas City is at a 68-cent discount to Chicago with spreads narrowing again after the Friday reversal, while Minneapolis is back to a 22 cent discount with wider action to start. Wheat-drilling progress should expand across the Plains short term with OK moisture for most.

    Weekly crop progress should show winter wheat planting near average, with spring wheat harvest nearly wrapped up. Weekly export inspections were a bit softer at 469,939 metric tons. Kansas City December chart resistance is the fresh high at $5.07 1/2, and support is the 20-day at $4.72.

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