DTN Grain Midday: Futures Enjoying Green Trade

    ©Debra L Ferguson Stock Photography

    Corn trade is 5 to 6 cents higher, beans are 17 to 20 cents higher and wheat is 2 cents to 19 cents higher.


    Corn trade is 5 to 6 cents higher at midday Tuesday with firmer spread action as we continue to chop along right at the fall highs, with spillover support from soybeans and wheat. Ethanol margins should remain in the current range short term with demand likely to fade into the new year as driving slows seasonally.

    Basis has shown signs of softness short term with fall field nearly wrapped up and a quieter export wire in recent days. Trade will start watching South American weather more as we get closer to the key weather time frames on new crop as well as soybean progress for the timing of double-crop planting.

    On the March contract, we have support at the 20-day moving average at $5.85, then the upper Bollinger Band at $5.99, which is where we found the high then $6.00.


    Soybean trade is 17 to 20 cents higher with trade scoring new highs for the move, even as we see weaker spread action with products leading the rally along with weather concerns. Meal is $6.50 to $7.50 higher and oil is 0.80 cent to 0.90 cent higher firming back from the lower end of the range tested Monday.

    The daily wire was quiet to start the week. South America will continue to see dry areas to the south, with the northern growing areas in better shape for now and the recent weather patterns remaining mostly intact. Crush margins are being carried by meal with lysine shortages lingering again short term with oil at least finding support.

    Basis remains mostly flat short term. On the January soybean chart, we are solidly above the upper Bollinger Band at $13.02 with the fresh at $13.13 Tuesday morning.


    Wheat trade is 2 to 19 cents higher at midday with KC action continuing to lead trade to start with spring wheat the laggard and overall fresh news limited with Northern Hemisphere weather supportive and Australian harvest progressing. The dollar is just above 96 points in flat action, keeping trade off the upper end of the range.

    Weather in the Plains looks to remain short of moisture near term with above normal temps keeping stress in play as the crop fades towards dormancy. Spring wheat is weaker versus Chicago moving the premium to 2.32 cents on the March, with KC at a 43-cent premium in firmer action.

    KC March chart resistance is at the 20-day at $8.25 which we are back above at midday with the recent low at $7.83 as the first level of support, with the lower Bollinger Band at $7.73.


    The U.S. stock market is firmer with the Dow up 380 points. The U.S. Dollar Index is narrowly mixed. Interest rate products are weaker. Energies are firmer with crude up $2.05. Livestock trade is firmer. Precious metals are mixed with gold down $8.00.

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