DTN Grain Midday: Corn, Soybeans Looking Up

    Mississippi River Port - Grain Elevators, Rosedale, Mississippi ©Debra L Ferguson

    Corn trade is 12 to 13 cents higher, beans are 4 to 5 cents higher and wheat is flat to 6 cents higher.

    CORN:

    Corn trade is 12 to 13 cents higher at midday Wednesday, pushing through nearby resistance and firm spread trade to test multiweek highs. Ethanol margins should support production near term with stocks falling 155,000 barrels as production rose another 10,000 barrels to extend the winning streak.

    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 at the retracement levels of $5.68 after we moved past the upper Bollinger Band at $5.53 this morning.

    SOYBEANS:

    Soybean trade are 4 to 5 cents higher at midday with trade fading from the test of $12.50 Wednesday morning, with the export wire quiet with oil side of the complex sliding. Meal is $5.50 to $6.50 higher and oil is 0.90 cent to 1.00 cent lower, with meal needing to consolidate gains to boost crush values.

    Brazil looks to have good short-term conditions with Argentina more mixed nearby, but major issues limited overall in early planting. On the November soybean chart, trade is just above the 20-day at $12.31 with the recent high at $12.57 1/2 the next round up as the morning high, with further support at the lower Bollinger Band at $11.98.

    WHEAT:

    Wheat trade is flat to 6 cents higher at midday with Chicago holding up the best as Minneapolis tries to shake off the late reversal Tuesday. The dollar remains in the upper part of the recent range in quieter action. Spring wheat remains at a 2.62-cent premium to Chicago, with KC at 22-cent premium in weaker action after fresh highs were scored Tuesday.

    Weather in the Plains had some moisture to boost early stands but remains mixed. KC December chart support is at the 20-day at $7.49 with resistance at the upper Bollinger Band at $7.82, which tested Tuesday with the fresh high at $7.90 above that.

    MARKET SUMMARY:

    The U.S. stock market is mixed with the Dow down 130 points. The U.S. Dollar Index is 0.05 lower. Interest rate products are mixed. Energies are weaker with crude down $1.25. Livestock trade is mixed with live cattle leading. Precious metals are mixed with gold flat.

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