DTN Grain Midday: All Row Crops Lower

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

Corn is 1 to 3 cents lower, soybeans are 16 to 17 cents lower, and wheat is 10 to 16 cents lower.

The U.S. stock market is weaker with the Dow down 440. The dollar index is 5 points higher. Interest rate products are weaker. Energies are weaker with crude down $0.80. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold down $5.00.

CORN

Corn trade is 1 to 3 cents lower at midday with early gains fading after trade tested contract highs in early action with weakness spilling over from the soybean complex, and mostly flat spread action as the December contract goes into delivery at the end of the session. Ethanol margins will likely start the week under pressure, especially if driving demand concerns build with corn weakness providing only slight relief.

Basis remains generally strong. Export inspections were in line with recent weeks at 890,033 metric tons. On the March contract support is the 20-day at $4.23 with the lower Bollinger Band at $4.04 as the next level down with the fresh high scored at $4.39 1/2 scored overnight with the upper Bollinger Band at $4.41 above that.

SOYBEANS

Soybean trade is 16 to 17 cents lower with the early attempt to gap higher failing just short of the highs with selling building early morning while spread action holds together with trade watching how much rain can come into the South American forecast and the export wire remaining quiet. Meal is $3.00 to $4.00 lower and oil is 80 to 90 points lower. South America has rains moving into much of central and southern Brazil and Argentina short term, with dry pockets and high temps still a worry.

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 inspections remain strong at 2.046 million metric tons. The January chart has resistance at the fresh high at the fresh high at 12.00 scored last week, with the upper Bollinger Band at $12.21, with support the 20-day at $11.45.

WHEAT

Wheat trade is 10 to 16 cents lower at midday with the back and forth action continuing as the December contract goes into delivery with the eastern Plains set for some short-term moisture. The dollar remains at the lower end of the range but has reversed off the lows. 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 mostly remain dry short term. Kansas City is at 41 cent discount to Chicago on the March with active trade continuing, with Minneapolis at -35. Weekly export inspections were improved at 502,788 metric tons. Kansas City March chart resistance is the 20-day at $5.61 which we are back below at midday, and support is the lower Bollinger Band at $5.51.

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