DTN Grain Close: Corn and Wheat Post New Highs

    ©Debra L Ferguson Stock Images

    Friday’s trade saw March corn and winter wheat contracts finish at their highest prices in 2017, helped by Thursday’s estimates from USDA and a hit of unseasonably warm weather in the southwestern Plains. March soybeans also closed higher with more rain in Argentina’s forecast and a possible easing of tensions with China.


    Trade was higher across the board at midday in slow trade.


    Corn trade is 3 to 4 cents higher at midday with trade inching into new highs for the move once again this morning keeping the uptrend intact. The WASDE report was neutral to supportive yesterday with domestic carryout down to 2.32 billion bushels from 2.355 last month, and world stocks down to 217.6 million metric tons from 221 before. South American production was unchanged at 86.5 for Brazil, and 36.5 for Argentina.

    Brazil’s CONAB had corn production up slightly to 87.4 million metric tons from 84.5. Ethanol margins remain tight but have improved this week. Ethanol futures are holding the upper end of the range with better gasoline usage expected ahead. Basis remains soft for the most part with more bushels moving near term with the higher board.

    The slightly positive items have been able to support the higher trend this week. If we can hold gains into the afternoon some short covering should not be a surprise and provide some volatility.

    On the March corn chart support is the 10-day and 20-day at $3.65-66 with the $3.74 new high for the move printed this morning chart resistance.


    Soybean trade is 5 to 8 cents higher at midday with trade testing the upper end of the range. Meal is $3 to $4 higher and oil is flat to 10 points lower. The USDA report on Thursday had domestic carryout unchanged at 420 million bushels, world stocks were down to 80.4 from 82.3 million metric tons. Brazilian production was unchanged at 104 million metric tons, and Argentina was down 1.5 million metric tons to 55.5.

    CONAB raised Brazilian production to 105.6 million metric tons from 103.8. The wet areas of South America are expected to stay wet, with drier areas catching some rain again at the end of the week. The USDA announced 140,000 metric tons of beans sold to unknown on the daily wire.

    March beans are above its 20-day at $10.49 becoming support heading into the report. The $10.80 six-month high printed last month is the next major notable resistance area with November beans pressing back towards the $10.30 area.


    Wheat trade is 3 to 8 cents higher at midday with Kansas City wheat showing the most strength. The unseasonably warm weather today is bringing in concerns about acres leaving dormancy early, and becoming more vulnerable to a late freeze. The dollar is firmer this morning moving towards 101 on the index.

    The WASDE report was a bit friendly versus expectations with domestic stocks down to 1.139 billion bushels from 1.186, with world stocks down to 248.6 million metric tons from 253.3 last month. On the March Kansas City contract trade has put in a new high at $4.58 3/4 this morning with the 200-day at $4.52 becoming support.

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