Corn is 8 to 10 cents higher with new crop 1 to 2 cents higher, soybeans are 6 to 9 cents lower with new crop 1 to 2 cents lower and wheat 6 cents lower to 6 cents higher.
Corn trade is 8 to 10 cents higher upfront at midday Monday with new crop 1 to 2 cents higher and spread remaining strong, even as we back of the highs. Ethanol margins will continue to battle between corn values, recovering driving demand with another good jump this weekend and tight ethanol stocks.
Rains moving through short term will slow remaining planting, but we should see a big jump in progress on the weekly report Monday afternoon with progress well ahead of average. Export inspections were strong at 2.139 million.
Corn basis is holding firm throughout the belt. On the July contract, chart resistance is the fresh contact high at $6.98 with support the recent low at $6.29 1/2.
Soybeans are 6 to 9 cents lower with new crop 1 to 2 cents lower and weaker spread trade likely limiting short-term upside if sustained to start the week. Meal is $5.50 to $6.50 lower and oil is 0.35 cent to 0.45 cent lower.
Planters will continue to roll short term with progress pushing further ahead of average with the weekly report likely to show progress past one-third complete and weekly export inspections seasonally low at 143,418 metric tons. South America should continue to see shipping progress with some Argentina soybeans starting to move.
On the July soybean chart. support is the recent low at $14.90, with resistance the upper Bollinger Band at $15.74.
Wheat trade is 5 cents lower to 5 cents higher at midday with trade following the lead of the row crops so far as they back off the overnight highs. Spring wheat is leading on short term dryness. The dollar rally so far looks like a one off with dollar values continuing to add support.
KC has narrowed to 27-cent discount to Chicago with Minneapolis now 31 cents above Chicago. Seasonal weather on the Plains should boost growth with dry concerns for spring wheat staying in place and crop conditions likely to remain steady on the week with progress just behind average.
Spring wheat planting is well ahead of normal. The weekly export inspections were solid at 509,932 metric tons. KC July on the chart has support at the overnight low of $6.82 3/4, and resistance the upper Bollinger Band at $7.42.
The U.S. stock market is mixed with the Dow up 300 points. The U.S. Dollar Index is 0.35 lower. Interest rate products are higher. Energies are higher with crude up $1.00. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $25.20.