Corn is 2 to 3 cents lower, soybeans are narrowly mixed and wheat is 1 to 6 cents higher.
Corn trade is 2 to 3 cents lower in quiet midday action Friday as harvest will continue to expand into the weekend as trade remains near short-term resistance levels. Ethanol margins will tighten a bit with natural gas prices firming again while driving demand moves sideways short term, limiting blender upside. South America will continue with early full-season corn planting with little weather concerns there so far.
Corn basis will continue to fade to harvest continuing to push forward at a good clip. On the December contract, we have support at the fresh low at $4.97 while resistance is the 20-day at $5.25, which we are trying to hold above into the weekend.
Soybeans are narrowly mixed at midday with range-bound action ongoing as well, with harvest pressure likely into the weekend. Meal is $1.00 to $2.00 lower and oil is 0.70 cent to 0.80 cent higher. Harvest should continue to expand with weather continuing to push maturity along with a broad yield trend emerging soon.
Basis levels have been flat to weaker in recent days. South American planting will get more attention into the end of the month. On the November soybean chart, resistance is at the 20-day at $12.86, which we are just below with support at the recent low at $12.57 1/2.
Wheat trade is 1 to 6 cents higher at midday with trade continuing to test the upper end of the range. The dollar is back near the highs in midday action as well. KC is 2 cents below Chicago in weaker action, with Minneapolis at a 192-cent premium in weaker action too. Weather in the Plains looks a little wetter short term as planting gets going with little fresh news on Southern Hemisphere weather so far. KC December on the chart has support at the 20-day at $7.07, with the upper Bollinger Band at $7.32 as resistance.
The U.S. stock market is weaker with the Dow down 40 points. The U.S. Dollar Index is 0.35 higher. Interest rate products are lower. Energies are firmer with crude up $0.30. Livestock trade is weaker. Precious metals are mixed with gold up $3.00.