Corn is 1 to 2 cents lower, soybeans are 2 to 3 cents lower, and wheat is 2 to 5 cents lower.
The U.S. stock market is lower with the Dow down 55 points. The dollar index is 20 points higher. Interest rate products are mixed. Energies are firmer with crude up $0.40. Livestock trade is mostly higher. Precious metals are weaker with gold down $35.
Corn trade is 1 to 2 cents lower at midday with harvest pressure pushing action slightly lower at midday. The daily export wire was quiet for corn today. The weekly ethanol report showed production down 20,000 barrels per day, with stocks 199,000 barrels higher. Basis has started to slide towards harvest levels in many areas with open weather allowing combines to roll. On the December contract, trade has support at the $3.64 20-day moving average, with the recent high at $3.78 as resistance.
Soybean trade is 2 to 3 cents lower at midday with volatile two-side trade continuing, with export sales storming along with another 132,000 metric tons to China, and 126,000 to unknown announced yesterday with more expected today, while the spreads try to stabilize after being weaker the last couple of days. Meal is $6.50 to $7.50 higher and oil is 85 to 95 points lower.
Wheat trade is 1 to 6 cents lower at midday with choppy trade continuing in the upper end of the range. The dollar remains steady vs. the ruble with little change in world export competitiveness. Kansas City is at a 64-cent discount to Chicago with spreads narrowing again after the Friday reversal, while Minneapolis is back to a 17 cent discount with narrower action to start. Wheat drilling progress should expand across the plains short term with OK moisture for most for now but follow up rain lacking. Kansas City December chart resistance is the fresh high at $5.09, and support is the 20-day at $4.78.