Iowa
DTN Grain Midday: Row Crops Up at Midday

Corn is 7 to 9 cents higher, soybeans are 3 to 6 cents higher and wheat is 7 to 11 cents higher at midday Friday.
The U.S. stock market is weaker with the Dow down 440 points. The dollar index is 8 points higher. Interest rate products are mostly lower. Energies are narrowly mixed with crude up $0.05. Livestock trade is mixed. Precious metals are firmer with gold up $18.00.
CORN
Corn trade is 7 to 9 cents higher at midday with strong spread action after the announcement of another 2.1 million metric tons of corn sold to China, but we have failed to take out the fresh highs from Thursday, with trade bouncing back from early day session weakness. Ethanol margins will remain poor with soft demand and cash corn values, but expectations for exports have increased for the coming year.
SOYBEANS
Soybeans are 3 to 6 cents higher at midday with early gains fading again as soybeans struggle to hold momentum on the early week rebound with dime-lower trade finding good buying support this morning. Meal is $1.00 to $2.00 lower and oil is 0.10 cent to 0.20 cent lower. China secured another 132,000 metric tons of new crop soybeans Friday.
Basis will likely remain flat with slower movement and a bigger focus on crush margins as oil does most of the work Friday morning. Brazil should catch rains short term with very early harvest underway and behind the usual pace, with Argentina action mixed with central and south the drier areas. The March chart has resistance at the 20-day at $13.67 which we tested overnight, with support the lower Bollinger band at $13.01.
WHEAT
Wheat trade is 7 to 11 cents higher at midday as trade drifts sideways to higher with spillover support from the row crops and little fresh wheat news. The dollar remains below 91 on the index, which would be the next area to watch for currency issues, with light gains Friday. The Plains should keep snow cover in many areas for a bit. Black Sea weather isn’t showing major short-term changes with two weeks until export taxes get phased in for Russian sellers. KC is at 25-cent discount to Chicago with the narrowing move slowing down, with Minneapolis at a 27-cent discount. KC March chart support is the 20-day at $6.20 and resistance is the upper Bollinger band at $6.55.
-
Local News2 weeks ago
The Caitlin Clark Foundation donates 22,000 children’s books in honor of its birthday
-
Local News2 weeks ago
A bill from the Senate would ban new gaming licenses
-
Local News1 week ago
Vilsack is the World Food Prize Foundation’s new CEO
-
Local News2 weeks ago
Lawmakers are running out of time to possibly block the proposed Cedar Rapids Casino
-
Local News2 weeks ago
Despite a dry winter, an Iowa ski resort keeps its slopes snow-covered
-
Local News2 weeks ago
An Iowa school cell phone ban bill was introduced
-
Local News1 week ago
The Dubuque health department is seeking information about a dog that was involved in a biting incident
-
Local News6 days ago
Faculty at the University of Northern Iowa are requesting pay increases
Leave a Reply