Corn is flat to a penny higher, soybeans are 5 to 7 cents higher, and wheat is 1 to 6 cents lower.
The U.S. stock market is sharply higher with the Dow 840 points higher. The dollar index is 60 lower. Interest rate products are weaker. Energies are firmer with crude $3.50 higher. Livestock trade is firmer with cattle leading. Precious metals are mixed with gold down $20.00.
Corn trade is flat to 1 cent higher at midday with two sided trade to start the week with wet conditions through the center of the belt this weekend. The ethanol margins should remain stable with demand continuing to edge higher short term with futures holding around $1.09, and unleaded back above $1.00. Warmer weather should return later this week with rain staying in the forecast for much of the central part of the belt. Basis has been stable in recent days. Weekly export inspections were good again at 1.15 million metric tons. Weekly crop progress should show planting well above average, and emergence above average with good to excellent ratings likely to start next week. On the July contract support is the lower Bollinger Band at $3.08, and resistance the 20-day at 3.18, which we closed just above Friday, and are holding above to start the week.
Soybean trade is 5 to 7 cents higher at midday with broad buying this AM with South American harvest pressure likely to fade further, and broad commodity strength this a.m. Meal is 1.50 to 2.50 lower, and oil is 55 to 65 points higher. South America continues to move along harvest wise with strong shipments out of Brazil likely to continue unless port issues redevelop with the usual seasonal talk of strikes present. Weekly export shipments remained soft at 352,189 metric tons, with weekly crop progress keeping planting above average, and emergence around average. The July soybean chart support is the lower Bollinger Band at $8.29, with resistance the 20-day at $8.42, which we are above this a.m., then the upper Bollinger Band at $8.56.
Wheat trade is flat to 6 cents lower with trade working the lower end of the range with little fresh news after some rains in major U.S. wheat areas this weekend. Russia looks to have mostly average rainfall near term with France and Germany drier near term. Kansas City is at a 51-cent discount to Chicago on the July with slightly wider action today, while Minneapolis is back to a 10 cent premium. Weekly export inspections remained range bound at 440,882 metric tons. Weekly crop progress should show steady conditions with maturity lagging a bit. The July Kansas City chart support is the lower Bollinger Band at $4.46 with resistance the 20-day at 4.77.