DTN Grain Midday: Corn Down, Soybeans Up

    ©Debra L Ferguson Stock Photography

    Corn trade is 2 to 3 cents lower, beans are 9 to 11 cents higher and wheat is flat to 8 cents higher.

    CORN:

    Corn trade is 2 to 3 cents lower at midday Monday with early gains fading while spread action remains flat to firmer with little fresh news as harvest slows. Harvest progress will likely remain ahead of average on the weekly report but will fall closer to average with the weekend precipitation across much of the belt, with weekly export inspections soft at 545,127 metric tons.

    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 20-day at $5.32, and resistance the upper Bollinger band at $5.48 as trade pushed back into last week’s highs at $5.40 before fading.

    SOYBEANS:

    Soybean trade is 9 to 11 cents higher at midday with trade remaining rangebound with weaker spread action so far Monday, with little fresh news. Meal is flat to $1.00 lower and oil is 0.90 cent to 1.00 cent higher and early meal gains fading again.

    Harvest will slow with recent rains but should remain above average on the weekly progress report with inspections holding up well at 2.105 million metric tons but off the surge from last week. Brazil looks to have good short-term conditions with Argentina more mixed nearby, but overall major issues limited in early planting.

    On the November soybean chart, trade is just below the 20-day at $12.35, with support at the lower Bollinger Band at $11.90.

    WHEAT:

    Wheat trade is flat to 8 cents higher at midday with Minneapolis action leading as it consolidates over $10.00, with firm intramonth spread action turning flat as KC creeps towards an inverse. The dollar remains in the upper part of the recent range as well with firmer action Monday. Spring wheat remains at a 2.63-cent premium to Chicago, with KC at 15-cent premium in mixed action.

    Weather in the Plains remains fairly neutral for the moment with planting and emergence and emergence remaining around average with the initial conditions expected to be a bit ahead of a year ago, with export inspections remaining soft at 140,413 metric tons.

    KC December chart support is at the 20-day at $7.43 with resistance at the upper Bollinger Band at $7.80, which we tested overnight.

    MARKET SUMMARY:

    The U.S. stock market is firmer with the Dow up 50 points. The U.S. Dollar Index is 0.15 higher. Interest rate products are mostly higher. Energies are firmer with crude up 1.00. Livestock trade is firmer led by cattle. Precious metals are firmer with gold up $12.00.

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