Corn is narrowly mixed, soybeans is 12 to 13 cents higher and wheat is 3 cents lower to 3 cents higher.
The U.S. stock market is mixed with the Dow up 115 points. The U.S. Dollar Index is 0.05 lower. Interest rate products are weaker. Energies are mostly lower with crude off $0.30. Livestock trade is mixed. Precious metals are mostly higher with gold up $12.00.
Corn trade is narrowly mixed with steady spread action as we try to consolidate the week’s gains into the weekend, as nearby demand, Brazil corn and the slow start to the U.S. growing season all in focus. Ethanol margins should remain stable with the energy complex holding the rally to offset corn values.
Corn basis continues to hold firm throughout the belt. Double-crop progress in Brazil looks to have mixed weather with the dry season approaching and surging cash values locally. On the May contract, chart resistance is the contract high at $6.01 1/2, with the upper Bollinger Band at $5.96 now just above the market, then the 20-day at $5.63 as support.
Soybeans are 12 to 13 cents higher at midday with trade being carried by stronger product values across the board with meal finding buying during the day session. Meal is $3.00 to $4.00 higher and oil is 0.85 to 0.95 cent higher. NOPA crush was a little short of expectations Thursday with oil stocks lower as well. South America is expected to continue harvest progress in Brazil with little overall weather change short term, and Argentina looking stable short term. The May soybean chart has support at the 20-day at $14.09, which we closed just above Thursday with the upper Bollinger Band at $14.43, which we are about a dime away from.
Wheat trade is 3 cents lower to 3 cents higher with support from feed demand and concerns about cold weather offsetting rains in the Plains short term. The downtrend in the dollar is supportive to buying as well, although it looks to be stabilizing after the recent slide. Weather in the Plains has some cold in it as well, but threats look limited so far with northwest Kansas to see temps just below freezing over the next few days. KC has narrowed back to a 42-cent discount to Chicago with Minneapolis 16 cents above Chicago. KC May on the chart has support at the 20-day at $5.78 that we held Friday, with $6.09 the next level of resistance where we find the upper Bollinger Band, which we are just below at midday.