DTN Grain Midday: All Grains Higher

    Soybean harvest. ©Debra L Ferguson

    Corn is 4 to 5 cents higher, soybeans are 8 to 10 cents higher, and wheat is 1 to 8 cents higher.

    The U.S. stock market is weaker with the Dow down 50 points. The dollar index is 50 points lower. Interest rate products are lower. Energies are mixed with crude off $1.40. Livestock trade is mostly lower. Precious metals are firmer with gold up $13.70.

    CORN

    Corn trade is 4 to 5 cents higher at midday with strong spread action carrying trade to fresh highs again. The export wire was quiet today but action indicates more sales will likely show up soon. Ethanol margins will see pressure from corn values, with the weekly report showing production down 24,000 barrels per day, with stocks down 287,000 barrels. Basis will likely remain solid with rains slowing harvest along with the upfront demand. On the December contract resistance is the fresh high at $4.15 with support the 20-day at $3.87.

    SOYBEANS

    Soybean trade is 9 to 10 cents higher at midday with trade building on the strong start to the week with steady to firmer spread action and more export sales expected even with the quiet wire today. Meal is $7.00 to $8.00 higher and oil is 10 to 20 points lower. The ral remains in the lower end of the range with planting progress in Brazil likely to pick up with plentiful rains short term, 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. The November chart has resistance at the fresh high at 10.79 3/4 with support the 20-day at 10.37.

    WHEAT

    Wheat trade is 2 to 8 cents higher at midday with trade extending the streak of fresh highs to 5 days in a row. 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. Kansas City is at a 60-cent discount to Chicago with spreads backing off the recent highs, while Minneapolis is back to 53 cent discount with firmer action and fresh highs scored before reversing Monday. Rains look to be concentrated to the eastern growing areas in the short term. Kansas City December chart resistance is the fresh high at $5.79 1/2, and support is the 20-day at $5.26.

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