DTN Grain Midday: All Crops Higher

Soybean harvest. ©Debra L Ferguson

Corn is 3 to 5 cents higher, soybeans are 5 to 6 cents higher and wheat is 2 to 11 cents higher.

MARKET SUMMARY:

The U.S. stock market is firmer with the Dow up 20. The dollar index is 20 points lower. Interest rate products are firmer. Energies are weaker with crude down $0.20. Livestock trade is mostly lower. Precious metals are mixed with gold down $23.

CORN:

Corn trade is 3 to 5 cents higher with light buying to close the week, along with 302,160 metric tons sold to Mexico adding support as the December contract heads toward delivery. Ethanol margins are seeing pressure from firmer corn values and a softer energy complex.

Basis remains generally strong. Export sales were strong at 1.67 million metric tons. On the December contract, support is the 20-day at $4.13 with the lower Bollinger band at $3.94 as the next level down with the fresh high scored at $4.29 3/4 scored Monday and the upper Bollinger band at $4.31 above that.

SOYBEANS:

Soybeans trade is 5 to 6 cents higher with mixed weather and expected demand keeping action range bound into the weekend. Meal is mixed, and oil is 55 to 65 points higher. The daily wire has remained quiet for soybeans, as well, with concerns about China crush margins and cancellations rumored but unconfirmed. South America has some dry pockets remaining with rains expected to work into the south while the north dries out short term.

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. Weekly export sales were a marketing-year low at 768,100 metric tons of beans, with meal at 138,100 and oil at 26,300 metric tons. The January chart has resistance at the fresh high of $12 scored Monday, with the upper Bollinger band at $12.22. Support is the 20-day at $11.32.

WHEAT:

Wheat trade is 2 to 11 cents higher with a marketing-year high for export bookings helping trade bounce back from Wednesday’s selling with spread action very mixed. The dollar remains at the lower end of the range. World export tenders continue to go to Black Sea origin, for the most part, with little change in overall conditions there. The western Plains remaining dry short term as we head toward dormancy after some midweek snows.

KC is at a 36-cent discount to Chicago with spreads collapsing into delivery after testing the upper end of the range. Minneapolis is at -43. Weekly export sales were strong at a marketing-year high of 795,700 metric tons. KC December chart resistance is the 20-day at $5.52, which we are just above at midday, and support is the lower Bollinger band at $5.40.

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