DTN Grain Midday: Corn, Wheat Futures Higher; Soybeans Lower

    Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 4 to 6 cents lower; wheat futures are 5 to 6 cents higher.


    Corn futures are 1 to 2 cents higher at midday with trade bouncing back from early weakness but unable to find much fresh buying. Ethanol margins should remain in the current range for the balance of the year with production up 8,000 barrels per day (bpd) on the weekly report; stocks down 29,000 barrels.

    Basis has shown signs of short-term softness with year-end movement about wrapped up with weather set to limit action in some areas. 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 $5.91; the upper Bollinger band at $6.12 is resistance, then the fresh high at $6.17 3/4.


    Soybean futures are 4 to 6 cents lower at midday. Overbought conditions and less fresh bullish news along with weaker spreads has trade shifting towards more sideways action, short-term. Meal is $1.00 to $2.00 lower and oil is flat to 10 points higher.

    South America will continue to see dry areas to the south; northern growing areas are in better shape for now and the recent weather patterns remain mostly intact with some possible showers in the south, short-term. Basis remains mostly flat, short-term, with the export wire quiet.

    On the January soybean chart, we are back below the Upper Bollinger band at $13.64 with the fresh high at $13.75 3/4 Wednesday morning as further resistance; the 20-day moving average is well below the market at $12.85.


    Wheat futures are 5 to 6 cents higher at midday with trade finding some footing after the early week pullback as political tensions ease with Russia/Ukraine along with more-limited winter kill concerns while U.S. Plains weather is little changed. The dollar is just below 96 in soft action, keeping trade off the upper end of the range.

    Plains weather looks to remain short of moisture with more-normal temps moving in with the crop solidly dormant. Spring wheat is flat vs. Chicago, moving the premium to $2.20 on the March, with KC at a 37-cent premium in softer action. KC March chart support is at the 20-day at $8.22, which we are just above at midday, with the upper Bollinger band at $8.59 as resistance.


    The U.S. stock market is mixed with the Dow up 45 points. The U.S. Dollar Index is 30 points weaker. Interest rate products are weaker. Energies are mixed with crude up .30. Livestock trade is mostly higher led by cattle. Precious metals are weaker with gold down 7.00.

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