DTN Grain Midday: Corn, Wheat Up, Soybeans Down

    ©Debra L Ferguson Stock Images

    Corn trade is 3 to 4 cents higher, beans are 6 to 7 cents lower and wheat is 11 to 19 cents higher.


    Corn trade is 2 to 3 cents higher at midday Friday with trade finding light buying and support from wheat to keep trade in the upper part of the recent range, with hedge pressure likely into the weekend. Harvest will continue to make further progress short term as we head toward the homestretch.

    Ethanol margins should remain stable to better short term, with production continuing to surge despite natural gas prices as we work to rebuild stocks as driving demand continues to edge higher. Basis should remain steady to firmer short term as harvest pressure eases.

    On the December contract, we have chart support at the 200-day moving average at $5.20 with the $5.06 3/4 low last Wednesday now a major support area. Chart resistance is right around the $5.40 area, which is the recent high and the 50-day moving average, with larger upside resistance at the upper Bollinger Band at $5.47.


    Soybean trade is 5 to 7 cents lower with trade turning lower at midday as good yields and good early progress in South America limit upside. Meal is $0.50 to $1.50 higher and oil is 0.45 cent to 0.65 cent lower. Harvest will continue to progress with open enough weather and basis stable as shipping progress increases.

    Chart momentum has turned sideways short term with day session weakness to possibly push action further into support levels. On the November soybean chart support is at the $12.22 10-day moving average which we are below and then the recent low of $11.84 3/4 with resistance at the 20-day currently at $12.38 then the 50-day at $12.81.


    Wheat trade is 12 to 20 cents higher at midday with trade pushing back towards the top of the range up front with KC leading and strong intramonth spread trade as Russia raises export taxes yet again. The weaker dollar is helping to add support as well. Spring wheat remains at a 2.52-cent premium to Chicago, with KC at 13-cent premium in firmer action.

    Weather in the Plains remains fairly neutral for the moment with the first condition reports likely next week. KC December chart support is at the 20-day at $7.37 with resistance at the upper Bollinger Band at $7.69, which we are just below.


    The U.S. stock market was weaker with the Dow down 60 points. The U.S. Dollar Index is 0.05 weaker. Interest rate products are mixed. Energies are mixed with crude down $0.30. Livestock trade is mostly lower. Precious metals are mixed with gold up $20.00.

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