DTN Grain Midday: Corn, Soybeans Lower; Wheat Higher

    Grain elevator and train at Canton, Kansas Photo: K-State Research and Extension - Creative Commons

    Corn futures are 2 to 3 cents lower at midday; soybean futures are 6 to 7 cents lower; wheat futures are 2 to 13 cents higher.


    Corn futures are 2 to 3 cents lower at midday after early strength ahead the WASDE report coming out at 11 a.m. CST; there is little other fresh news so far. The WASDE report is expected to show corn carryout at 1.48 billion bushels (bb), down slightly from last month with ethanol production offsetting yields.

    Ethanol margins will continue to support near-term production with stocks starting to rise a bit from historically low levels, which will narrow margins if sustained deeper into fall with driving demand edging forward again to limit stock builds ahead of Thanksgiving.

    Basis should remain steady to firmer short term as harvest pressure eases with more open weather likely to help harvest enter the home stretch with some fall fieldwork under way for next year. Harvest progress was at 84% vs. 78% on average.

    On the December contract we have resistance at the fresh high of $5.83, with the upper Bollinger band at $5.82 and the 20-day moving average as support at $5.46, which we remain about a nickel above.


    Soybean futures are 6 to 7 cents lower with trade drifting lower despite meal strength Tuesday morning as trade looks for bigger report numbers. Meal is $4.50 to $5.50 higher and oil is 45 to 55 points lower. The WASDE report is expected to show carryout at 362 million bushels (mb) up 42 mb from last month with yields edging higher and demand soft with trade getting more oversold short term.

    South America looks to continue short-term progress. The export wire has been quieter this week with South America finding some business amid cheaper freight. Harvest progress remains just below average at 87% vs. 88%.

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    On the January soybean chart, resistance is the 20-day moving average of $12.35, which we fell through Monday; support is at the lower Bollinger band at $11.92, which we are just below at midday, and then the $11.79 recent low of the November contract.


    Wheat futures are 2 to 13 cents higher at midday with spring wheat sustaining strength deeper into the session again Tuesday. Wheat stocks are expected to be little changed on the report at 581 mb. The dollar is holding solidly above 94 on the index again, but well off the recent highs as well. Spring wheat is firmer vs. Chicago moving the premium to 2.50, with KC at 12-cent premium in flat action.

    Plains weather had some moisture to boost early stands but remains mixed short term. Weekly export inspections remain soft at 231,854 metric tons (mt) with planting at 91% complete (same as average) and 74% emerged vs. 77% on average, with conditions mostly steady at 45% good to excellent and 22% poor to very poor.

    KC December chart support is at the 20-day moving average at $7.70 with resistance at the upper Bollinger band at $8.15 with the fresh high at $8.14.


    The U.S. stock market is weaker with the Dow off 195 points. The U.S. Dollar Index is 10 points higher. Interest rate products are firmer. Energies are firmer with crude up .95. Livestock trade is weaker after early mixed action. Precious metals are weaker with gold down 1.00.

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