DTN Grain Midday: Corn, Soybeans Trending Up, Wheat Down

    Corn trade is flat to 4 cents higher; beans are 5 cents lower to 3 cents higher and wheat is 2 to 13 cents lower at midday Thursday.

    CORN:

    Corn trade is flat to 4 cents higher at midday Thursday with trade continuing to press into new highs for old and new crop, with little fresh news ahead of the three-day weekend for ag markets. Ethanol margins should show improvement if we can continue to pull stocks down, but there is a ways to go with corn values, and still a significant stocks overhang.

    Trade will be watching for further sales on the daily wire after the second China announcement in two weeks with nothing again Thursday, with weekly sales solid at 1.33 million metric tons of old crop and 403,100 metric tons of new crop. The second crop in Brazil will continue to head towards pollination with some holes in the forecast.

    On the July contract chart, we have support at the 20-day moving average at $7.37 with resistance at the new contract high of $7.85 3/4 printed Thursday.

    SOYBEANS:

    Soybean trade is 5 cents lower to 3 cents higher at midday with strong spread action with meal trying to lead us higher after oil led the complex Wednesday. Meal is $3.50 to $4.50 higher and oil is 0.45 cent to 0.55 cent higher.

    South American harvest will continue to push forward with early planting still a bit off in the U.S. New crop November continues to struggle to defend acres for new crop with early progress fading Thursday as well, but slow planting would likely favor soybeans if the weather issues persists. Weekly export sales were a mixed bag at 548,900 metric tons of old crop, 458,000 of new; 174,900 of old meal, 6,000 of new, and 6,100 of oil.

    On the July soybean chart. we have resistance at the upper Bollinger Band at $17.15. Support is at the $16.45 20-day, which we continue to hold solidly above.

    WHEAT:

    Wheat trade is 2 to 13 cents lower at midday with two-sided action so far, with potential improvement in the second week forecast as we head towards overbought conditions with possible profit taking into the long weekend as we look to see if the forecasted moisture for the Plains sticks in the forecast, along with world price developments with Egypt securing some Russian origin in the last tender.

    Winter wheat leads but spring wheat could see support from incoming storms slowing planting. KC wheat is back to an 8-cent premium to Minneapolis, narrowing a little from the recent highs with a 53 cent premium to Chicago. Weekly export sales remained range bound at 96,100 metric tons of old crop, 225,200 of new crop.

    The KC July chart has resistance at the fresh high at $11.90 1/2 scored today with the upper Bollinger Band at $11.87 just above current trade, and the 20-day well below that market at $10.91.

    MARKET SUMMARY:

    The U.S. stock market is mixed with the Dow 110 points higher. The U.S. Dollar Index is 0.55 higher. Interest rate products are weaker. Energies are mixed with crude down $1.10 and natural gas firmer. Livestock trade is weaker. Precious metals are weaker with gold down $18.00.

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