DTN Grain Midday: Corn & Beans Higher

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

    Corn is 3 to 4 cents higher, soybeans are 6 to 7 cents higher, and wheat is 2 to 5 cents lower.

    The U.S. stock market is firmer with the Dow up 90 points. The dollar index is 35 points higher. Interest rate products are mostly higher. Energies are mixed with crude $0.25 lower. Livestock trade is mixed with hogs leading. Precious metals are mostly lower with gold down $11.

    CORN

    Corn trade is 3 to 4 cents higher at midday with trade working to hold support to close the week. The daily export wire was quiet for corn again today. Ethanol margins are steady with unleaded holding near the upper end of the recent range. 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 $3.65 20-day moving average, which we are working to hold overnight, with the recent high at $3.78 as resistance.

    SOYBEANS

    Soybean trade is 5 to 7 cents higher at midday with trade working back above $10.00 at midday. Meal is $3.00 to $4.00 higher and oil is 45 to 55 points higher. 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, with Brazil heavily sold ahead. Export offers continue to get tighter in availability as well with meal driving the product complex while strain on domestic logistics will increase.

    The daily wire saw 100,000 metric tons of soymeal to unknown. The November chart has resistance at the upper Bollinger Band at $10.46, which is also the fresh high with support the 20-day at $9.91.

    WHEAT

    Wheat trade is 3 to 7 cents lower with the stronger dollar and little fresh news encouraging profit taking into the weekend after nearby support failed to hold. The dollar is firmer vs. the ruble with little change in world export competitiveness with more focus on the dry start in Russia and Ukraine, along with Western Europe. Kansas City is at a 71-cent discount to Chicago with spreads widening again after the recent strength, while Minneapolis is back to a 14 cent discount with flat action. 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, which we are below at midday.

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