Corn is 1 to 2 cents lower, soybeans are 2 to 3 cents higher, and wheat is 1 to 5 cents lower.
The U.S. stock market is weaker with the Dow down 95 points. The dollar index is 15 points lower. Interest rate products are mostly higher. Energies are weaker with crude down $0.20. Livestock trade is mixed. Precious metals are firmer with gold up $29.00.
Corn trade is 1 to 2 cents lower at midday with trade failing to extend gains early on after the strong action on Wednesday. The forecast is expected to remain non-threatening for the most part through this week. The ethanol margins remain soft with concerns about forward demand but tighter stocks will add support. Weekly export sales were soft at on old crop at 220,200 metric tons, and strong on new crop at 2.33 million. On the September contract, trade continues to have resistance at the gap level from a week ago at $3.36, with the lower Bollinger Band at $3.15 as support.
Soybean trade is 2 to 3 cents higher with trade continuing to see further export sales with another 132,000 metric tons sold to China today. Meal is $0.50 to $1.50 higher, and oil is flat to 10 points higher. Crush margins have been led by oil in recent days before meal led today. The ral remains at the upper point of the recent range vs. the dollar. Weather looks fairly non-threating near term with early podfill coming soon.
Weekly export sales were strong at 365,200 metric tons of old crop, and 2.3 million of new, with meal soft at 45,300 old crop, 54,200 of new crop, and oil good at 20,200. The August chart now has support at the 20-day at $8.85 which we got back above last week, with the upper Bollinger Band at $9.09 as resistance.
Wheat trade is 1 to 5 cents lower at midday with choppy trade continuing as the dollar slows its break and harvest moves on. The ruble remains in the recent range vs. the dollar though and Black Sea origin is still winning tenders with dollar needing to fall more before we see major excitement for US bookings headed east. Kansas City is at an 86-cent discount to Chicago with spreads stabilizing, while Minneapolis is back to a 19 cent discount. Weekly export sales remained solid at 616,700 metric tons. Kansas City chart support is the 20-day at $4.43 which we are testing this a.m., with the recent highs around $4.60 as the next resistance levels.