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 7 to 9 cents higher, and wheat is 2 to 6 cents higher.

    The U.S. stock market is firmer with the Dow up 140 points. The dollar index is 34 points lower. Interest rate products are lower. Energies are mixed with crude off $0.20. Livestock trade is mostly lower. Precious metals are narrowly mixed with gold up $0.30.

    CORN

    Corn trade is 1 to 2 cents higher at midday with light two-sided trade seen so far with spreads flat to soft. The export wire was quiet this morning. Ethanol margins remain range bound with unleaded remaining at a discount to ethanol with corn values continuing to limit upside. Basis will likely remain solid with rains slowing harvest along with the upfront demand.

    Weekly crop progress showing harvest at 60% vs. 43% on average. On the December contract resistance is the fresh high at $4.08 with support the 20-day at $3.85.

    SOYBEANS

    Soybean trade are 6 to 8 cents higher at midday with trade finding buying again after early weakness, with spread trade flat to softer, with 132,000 metric tons of soybeans sold to unknown and rains in South America as planting remains behind schedule. Meal is $2.00 to $3.00 lower and oil is 55 to 65 points higher. The ral remains in the lower end of the range with planting progress in Brazil likely to pick up, with Argentina still holding onto soybean supplies as an inflation hedge.

    Basis remains strong as we continue to work to max out our logistics capacity to ship the needed export bushels. Harvest progress was at 75% vs. 58% on average. The November chart has resistance at the fresh high at 10.79 3/4 with support the 20-day at 10.33.

    Wheat

    Wheat trade is 2 to 6 cents higher with broad strength holding as Minneapolis trade leads, and Chicago spreads soften. The ruble action continues to favor Russia a bit in the export markets but their domestic prices are now elevated with growing winter kill concerns, along with too much rain in Australia. KC is at a 63-cent discount to Chicago with spreads backing off the recent highs, while Minneapolis is back to 54 cent discount with firmer action and fresh highs scored before reversing yesterday. Rains look to be concentrated to the eastern growing areas in the short term.

    Weekly crop progress showed planting at 77% vs. 72% on average, and emergence at 51% vs. 48% on average. Kansas City December chart resistance is the fresh high at $5.70 1/2, and support is the 20-day at $5.22.

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