Corn is 16 to 17 cents higher, soybeans are 29 to 31 cents higher, and wheat is 14 to 17 cents higher.
The U.S. stock market is mixed with the Dow up 13. The dollar index is 21 lower. Interest rate products are flat to weaker. Energies are mixed with crude down $0.20. Livestock trade is mostly higher. Precious metals are mixed with gold down $2.00.
Corn trade is 16 to 17 cents higher at midday with trade finding broad buying overnight, and then further buying after sales of 1.36 million metric tons of old crop corn were announced to China, and along with 102,800 metric tons sold to unknown. Ethanol margins will remain poor with soft demand, with the cash market offering little sustained relief.
Basis has remained fairly sideways with movement to be limited by the winter storm to start the week. On the March contract support is the 20-day at $5.03, with the next level up the recent high at $5.41.
Soybeans are 29 to 31 cents higher with firmer spread action and good support from products and a drier forecast for Argentina. Meal is $7.00 to $8.00 higher and oil is 75 to 85 points higher.
Basis will likely remain flat with slower movement and a bigger focus on crush margins. Brazil should catch rains short term with very early harvest underway, with Argentina action mixed with central and south headed drier. The March chart has support at the 20-day at $13.55, with resistance the old support at $13.85.
Wheat trade is 14 to 17 cents higher at midday with trade following the row crops higher after early weakness with winter wheats leading. The dollar remains above 90 on the index, and squarely in the middle of the recent range but rallies continue to fade. The Plains should see some benefit from the winter storm sweeping through on snow cover and moisture. Russian farmers are petitioning against export taxes as well but no immediate change is expected. Kansas City is at 21-cent discount to Chicago with the pattern of narrower overnight trade continuing, with Minneapolis at -23. Kansas City March chart support is the 20-day at $6.14, and resistance is the upper Bollinger Band at $6.55.