Corn is flat to 1 cent lower, soybeans are 1 to 2 cents lower and wheat is 2 to 9 cents higher.
Corn trade is flat to 1 cent lower at midday Thursday with early gains fading. Ethanol margins have improved with production up again by 54,000 barrels per day, with stocks dropping 84,000 barrels to keep the supportive trend going. South America will continue with early full-season corn planting with little weather concerns there so far.
Corn basis should remain flat near term with harvest moving towards the back half. The daily wire showed an export sale of 161,544 metric tons to unknown with weekly sales delayed until Friday. On the December contract, we have resistance at the 20-day at $5.29 with the September low at $4.97 as support.
Soybeans are 1 to 2 cents lower, holding below $12.00 at midday with trade looking to ease oversold conditions with harvest pressure, while watching for further buying from end users, with 132,000 metric tons hitting the daily wire. Meal is flat to $1.00 lower and oil 0.40 cent to 0.50 cent higher. Basis levels have been flat to weaker in recent days with crush margins starting to improve.
South American planting will get more attention into the end of the month as well as action scales up, and a mixed short-term forecast remaining in place with Brazil wetter than Argentina short-term, keeping concerns limited. On the November soybean chart, resistance is at the 20-day at $12.53 with support the recent low at $11.84 3/4.
Wheat trade is 2 to 9 cents higher at midday with Minneapolis action leading again and trade bouncing back from the support levels tested Wednesday. The dollar is just above 94 points on the index extending the reversal from Wednesday but off the lows. KC is at a 7-cent premium to Chicago with firmer action, with Minneapolis at a 237-cent premium in firm action.
Weather in the Plains has been a little wetter as planting pushes forward with open weather again short term. KC December on the chart has support at the 20-day at $7.28, which we are just above at midday, then resistance at the fresh high of $7.64 then the contract high at $7.69 from this summer.
The U.S. stock market is firmer with the Dow up 450 points. The U.S. Dollar Index is 0.05 lower. Interest rate products are firmer. Energies are mixed with crude up $0.20. Livestock trade is mixed. Precious metals are firmer with gold up $2.00.