DTN Grain Midday: Futures Seeing Double-Digit Gains

    Planting and applying pre-emerge herbicide. ©Debra L Ferguson

    Corn trade is 12 to 21 cents higher; beans are 14 to 24 cents higher and wheat is 27 to 39 cents higher.


    Corn trade is 12 to 21 cents higher at midday Monday with trade continuing to press into fresh highs and sharply firmer spread action with planting expected to remain slow overall this week. There is also spillover strength from wheat and soybeans. Ethanol margins should show improvement if we can continue to pull stocks down, but there is a way to go with corn values, and still a significant stocks overhang heading into mid-spring.

    Trade will be watching for further sales on the daily wire with more action of soybeans in recent days, but nothing showing up Monday. Weekly export inspections were softer at 1.139 million metric tons. The second crop in Brazil will continue to head toward pollination with more holes in the forecast with U.S. weather cool and wet except for the western growing areas which remain dry.

    Weekly crop progress is expected to show planting just behind average. On the July contract chart, we have support at the 20-day moving average at $7.45 with resistance at the new contract high of $8.04 1/2 printed today.


    Soybean trade is 14 to 24 cents higher at midday with strong spread action as we continue to work back to $17.00 up front, while new crop attempts to consolidate above $15.00 to help defend acres. Meal is $2.00 to $3.00 higher and oil is 0.95 cent to 1.05 cents higher. South American harvest will continue to push forward with early planting still a bit off in the U.S. with a progress report not expected this week.

    New crop November continues to struggle to defend acres for new crop with early progress fading Monday as well but slow planting would likely favor soybeans if the weather issues persists. China continued to secure old and new crop with further announcements on Friday, with weekly export inspections improving a bit at 972,509 metric tons.

    On the July soybean chart, we have resistance at the Upper Bollinger band at $17.16. Support is at the $16.45 20-day, which we hold solidly above.


    Wheat trade is 27 to 39 cents higher at midday, reversing the Thursday losses with weather remaining dry for much of the U.S. Plains and little fresh news on the world front except for rising export possibilities out of India. The weekly progress report will likely show conditions little changed with maturity near the five-year average, and spring wheat planting with likely lag with the recent storms.

    KC wheat is back to a 6-cent premium to Minneapolis, narrowing a little from the recent highs with a 62-cent premium to Chicago. Weekly export inspections were in line with recent weeks at 432,253 metric tons. The KC July chart has resistance at the fresh high at $11.96 1/4 scored Monday morning with the upper Bollinger Band at $11.94 just above current trade, and the 20-day well below that market at $10.96.


    The U.S. stock market is flat with the Dow 35 points lower. The U.S. Dollar Index is 0.35 higher. Interest rate products are weaker. Energies are firmer with crude up $0.90 and natural gas sharply higher. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $14.00.

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