DTN Grain Midday: Futures Moving Up

Corn harvest. Photo: Texas A&M AgriLife

Corn is 7 to 8 cents higher, soybeans are 4 to 5 cents higher and wheat is 8 to 9 cents higher.

CORN:

Corn trade is 7 to 8 cents higher at midday Wednesday with trade pushing toward resistance levels and firmer spread action as we look to build on Tuesday’s gains. The weekly ethanol report showed production up 14,000 barrels per day, stocks declined another 380,000 barrels while natural gas values limit margin gains with unleaded staying near the upper end of the range.

South America will continue with early full season corn planting and little weather concerns there so far. Corn basis will likely continue to drift lower into harvest, which should push to above average pace with the higher temps near term. On the December contract, we have support at the fresh low at $4.97 while resistance is the 20-day at $5.33.

SOYBEANS:

Soybeans are 4 to 5 cents higher at midday with trade remaining range bound overall and firmer spread action as trade will need to challenge the $13.00-area to build momentum with five cargos of soybeans being canceled on the daily wire. Meal is $1.50 to $2.50 lower and oil is 1.05 cents to 1.15 cents higher with oil again leading the product complex.

Warmer weather should continue to push the crop towards maturity. Basis levels have been flat to weaker in recent days. Trade will watch South American weather, but widespread planting won’t come until the end of the month, depending on weather with some recent showers On the November soybean chart, resistance at the 20-day at $12.99 with support at the recent low at $12.65.

WHEAT:

Wheat trade is 8 to 9 cents higher at midday with winter wheats leading as they push back above $7.00 nearby. The dollar is fading back towards 92 points on the index as the rally failed again. KC is at a 3-cent premium to Chicago with early week strength holding this week, with Minneapolis at a 186-cent premium on the December in weaker action.

Weather in the Plains looks dry short term as planting gets going with little fresh news on Southern Hemisphere weather so far, while StatsCanada edged production lower. KC December on the chart has resistance at the 20-day at $7.11, which we are testing at midday with the fresh low at $6.76 1/2 as support.

MARKET SUMMARY:

The U.S. stock market is mixed with the Dow up 85 points. The U.S. Dollar Index is 0.12 lower. Interest rate products are weaker. Energies are firmer with crude up $2.20. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold down $13.40.

The Latest


Send press releases to Ernst@Agfax.com.

View All Events


Send press releases to Ernst@Agfax.com.

View All Events