Corn is flat to 1 cent lower, soybeans are 1 to 2 cents higher and wheat is 1 cent lower to 5 cents higher.
Corn trade is flat to 1 cent lower at midday Thursday with range-bound action continuing overnight as we settle into the middle of the recent range. Ethanol margins will continue to struggle with natural gas values and soft driving demand short term, albeit with tight stocks likely to force some better production short term. South America will continue with early full-season corn planting and little weather concerns there so far.
Corn basis should remain flat to weaker near term with ethanol and export demand needing to improve further after recent gains. Weekly export sales were improved at 1.27 million metric tons. On the December contract, we have support at the 20-day at $5.30 with the upper Bollinger Band at $5.48, the next level of resistance that we have faded back from again Thursday morning.
Soybeans are 1 to 2 cents higher at midday with trade remaining rangebound and weaker spread action as harvest presses forward. Meal is $1.00 to $2.00 higher and oil is 0.85 cent to 1.00 cent higher. Harvest should continue to expand with weather allowing for quick progress and yields holding up well overall so far. Basis levels have been flat to weaker in recent days with the export wire quiet in recent days.
South American planting will get more attention into the end of the month as well, as action scales up with a mixed short-term forecast remaining in place. Weekly export sales improved at 1.04 million metric tons with meal at -21,700 metric tons old, 369,900 of new, and oil at -5,400 of old and 38,500 of new. On the November soybean chart, resistance at the 20-day at $12.72 with support the fresh low at $12.31.
Wheat trade is 1 cent lower to 5 cents higher at midday with trade chopping just below the highs, with spring wheat leading again overnight. The dollar remains just above 94 points on the index. KC is at a 1-cent discount to Chicago with flat action. Minneapolis is at a 193-cent premium in firmer action. Weather in the Plains looks open short term as planting pushes past halfway with little fresh news on Southern Hemisphere weather so far.
Weekly export sales softened at bit at 333,200 metric tons. KC December on the chart has support at the 20-day at $7.19, then resistance at the fresh high of $7.64, then the contract high at $7.69 from this summer.
The U.S. stock market is firmer with the Dow up 525 points. The U.S. Dollar Index is 0.15 lower. Interest rate products are weaker. Energies are firmer with crude up $0.80. Livestock trade is firmer. Precious metals are weaker with gold down $3.00.