Corn trade is 9 to 10 cents higher, beans are 12 to 13 cents higher and wheat is 25 to 28 cents higher.
CORN:
Corn trade is 9 to 10 cents higher at midday Thursday with trade snapping back and broad ag strength Thursday morning as we continue to carve out a range short term. Ethanol margins have narrowed with the energy move lower and concerns about ethanol flat price out past Christmas as well with driving demand holding up short term.
Basis should remain steady to firmer short term with fall field work likely to make good progress where supplies are available. Weekly sales held up solidly at 1.021 million metric tons. On the March contract we have resistance at the 20-day moving average at $5.77 which we are just above at midday, then the lower Bollinger Band at $5.60 as support.
SOYBEANS:
Soybean trade is 12 to 13 cents higher at midday with some short-term dryness in the forecast for parts of South America along with product values stabilizing to support trade along with 130,000 metric tons to China on the daily wire and 164,100 to unknown. Meal is flat to $1.00 higher and oil is 0.60 cent to 0.70 cent higher.
South America looks to continue short-term progress with issues remaining limited for now, while the extended forecast trending drier Thursday, especially for Argentina and Southern Brazil. Crush margins remain solid but further product weakness would limit enthusiasm.
Weekly export sales faded a touch at 1.063 million of beans, 146,700 of meal and 49,300 of oil. On the January soybean chart, we fell below the 20-day at $12.41 Monday and are just below it at midday, with further support the lower Bollinger Band at $11.91.
WHEAT:
Wheat trade is 25 to 28 cents higher as trade snaps back at midday with export and quality concerns on the world front likely to help trade consolidate after the early week pull back. The dollar is just above 96 points, continuing to hold the upper end of the range with calmer trade.
Weather in the Plains looks little changed short term with longer-term dry concerns for the Southern Plains heading towards dormancy. Spring wheat is weaker versus Chicago moving the premium to 2.26 cents on the March, with KC at a 27-cent premium in weaker action so far.
Weekly export sales were poor at 79,900 metric tons. KC March chart resistance is at the 20-day at $8.33, which we are back above at midday with the recent low at $8.15 as the first level of support.
