DTN Grain Midday: Futures Looking Green

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    Corn trade is 7 to 8 cents higher, beans are 18 to 19 cents higher and wheat is 3 to 9 cents higher.


    Corn trade is 7 to 8 cents higher at midday Friday with trade testing the upper end of the range again and strength developing during the day session. Ethanol margins will continue to support near-term production with more stock builds needed to slow production from near-record levels. Weekly export sales were solid at 1.07 million metric tons, just off the recent trend.

    Basis should remain steady to firmer short term as harvest pressure easing as more producers wrap up with more of a focus shifting to fall fieldwork. On the December contract, we have resistance at the recent high of $5.83, with the upper Bollinger Band at $5.82 and the 20-day moving average as support at $5.54, which we are solidly above.


    Soybean trade is 18 to 19 cents higher at midday with meal leading trade higher, along with 256,930 metric tons sold to unknown on the daily wire. Meal is $10.50 to $11.50 higher and oil flat to 0.10 cent higher. South America looks to continue short-term progress with issues remaining limited. The export wire has been quieter this week with South America finding some business amid cheaper freight with some talk of bookings picking up in the Pacific Northwest again.

    Weekly export sales were softer but still decent at 1.29 million metric tons of soybeans sold, 278,000 of meal, and 10,400 of oil. On the January soybean chart, resistance is the 20-day at $12.33, which we are above at midday, with $12.66 as the next round up from there and support at the lower Bollinger Band at $11.97.


    Wheat trade is 4 to 8 cents higher at midday with the midweek surge consolidating as we head toward overbought conditions and strong dollar headwinds while trade will continue to watch Black Sea conditions and Russian export taxes and quotas. The dollar is just above 95 points, flattening out from fresh highs. Weather in the Plains looks little changed short term.

    Weekly export sales were soft at 285,600 metric tons. Spring wheat is softer versus Chicago holding the premium at 2.38 cents, with KC at 13-cent premium in flat action. KC December chart support is at the 20-day at $7.85 with resistance at the upper Bollinger Band at $8.30 with the fresh high at $8.38 3/4.


    The U.S. stock market is firmer with the Dow up 160 points. The U.S. Dollar Index is 0.06 lower. Interest rate products are mixed. Energies are weaker with crude down $0.20. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $2.00.

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