DTN Grain Midday: All Grains Higher

Soybean harvest. ©Debra L Ferguson

Corn is 1 to 2 cents higher, soybeans are 1 to 4 cents higher and wheat is 1 to 4 cents higher at midday.


The U.S. stock market is weaker with the Dow down 95. The dollar index is 6 points higher. Interest rate products are firmer. Energies are flat with crude unchanged. Livestock trade is mixed. Precious metals are firmer with gold up $11.


Corn trade is 1 to 2 cents higher at midday. December is back to testing the highs overnight with weaker spread trade and spillover support from soybeans before fading a bit during the day session. The export wire remained active with 131,000 metric tons (mt) sold to unknown and 158,270 mt sold to Mexico. Ethanol has lost some ground to unleaded, reducing the premium.

Meanwhile, margins remain fairly stable with short-term demand the biggest issue going into a holiday week, along with further lockdowns. Basis remains generally strong. On the December contract, support is the 20-day at $4.11 with the lower Bollinger band at $3.94 as the next level down with the fresh high scored at $4.28 1/2 scored Wednesday with the upper Bollinger band at $4.30 above that.


Soybeans trade is 1 to 4 cents higher at midday. Trade scored new highs overnight as spreads soften a bit with trade still looking for confirmation of rumored export sales and two-sided trade at times Friday morning. Meal is flat to $1 lower, and oil is 25 to 35 points lower. South America has some dry pockets building with northern Brazil looking to see more moisture short term, with the southern one-third forecast to be very dry the next week, and mixed action in Argentina.

Basis remains strong as we continue to work to max out our logistics capacity to ship the needed export bushels with freight issues remaining in play. The January chart has resistance at the fresh high of 11.96 3/4 scored Friday morning, with the upper Bollinger band at $12.09. Support is the 20-day at $11.15.


Wheat trade is 1 to 4 cents firmer at midday. Chicago action is leading again with rangebound action continuing with little near-term change to weather patterns. The dollar rally has faded again, along with spillover from row crops. World export tenders continue to go to Black Sea origin, for the most part, with little change in overall conditions there.

The western Plains look to remain on the dry side short term. KC is at 43-cent discount to Chicago with spreads remaining rangebound. Minneapolis is at -48. KC December chart resistance is the 20-day at $5.52, which we are testing at midday, and support is the lower Bollinger band at $5.40.

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