DTN Grain Midday: Gains in Corn, Wheat, Strong Weakness in Soybeans

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    Corn futures are flat to 3 cents higher at midday; soybean futures are 15 to 32 cents lower; wheat futures are 22 to 38 cents higher.


    Corn futures are flat to 3 cents higher at midday, pressing into new highs again on July and December with weather likely to slow early planting progress in the short term and trade edging toward being overbought. Ethanol margins will remain tight until further stock draws from better demand and/or exports can materialize. China returned for another purchase of corn with 1.042 million metric tons (mmt) booked with the bulk for old crop.

    Corn planting should continue to move along at an average pace to slightly below average pace on the weekly Crop Progress report with double crop in Brazil continuing to develop well with pollination season coming soon with a short-term drier forecast. Weekly export inspections remained rangebound at 1.419 mmt. On the July contract chart, we have support at the 20-day moving average at $7.32 with resistance at the new contract high of $7.70 3/4 printed Monday morning.


    Soybean futures are 15 to 32 cents lower at midday with the late week rebound losing steam near $17.00 on old crop and $15.00 on new crop with meal the downside leader at midday. Meal is $5.50 to $6.50 lower and oil is 85 to 95 points lower. South American harvest will continue to push forward with early planting still a bit off in the U.S. with no weekly progress report expected this week.

    New-crop November continues to struggle to defend acres for new crop as well, but slow planting would likely favor soybeans if the weather issue persists. Weekly export inspections remained rangebound at 766,232 metric tons (mt). On the July soybean chart, we have resistance at the Upper Bollinger band at $17.10, which we faded from overnight. Support is at the $16.40 20-day moving average, which we are just above at midday.


    Wheat futures are 22 to 38 cents higher at midday with broad buying as little improvement is seen for Plains weather or the Ukraine/Russia war in the short term. Winter wheat is leading, but spring wheat could see support from incoming storms slowing planting with the weekly report likely to show steady conditions and average maturity for winter wheat with spring wheat planting just behind average.

    Weekly export inspections remained rangebound to a little better at 411,012 mt. KC wheat is back to only a dime discount to spring wheat. On the KC July chart, the 20-day moving average of $10.78, which we continue to trade just above, is support then the lower Bollinger Band at $10.10. Resistance is the $11.46 1/4 upper Bollinger Band that we are just below.


    The U.S. stock market is weaker with the Dow 190 points lower. The U.S. Dollar Index is 20 points higher. Interest rate products are weaker. Energies are mostly weaker with crude down 3.20 and natural gas firmer. Livestock trade is mostly lower. Precious metals are mixed with gold up 10.00.

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