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 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 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 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 News6 days ago
Cedar Rapids organization reimburses families at Pierce Elementary for overdue lunch money
Local News5 days ago
Reynolds’ bill was tabled by House Republicans, and now the new AEA bill is up for discussion
Local News4 days ago
Three candidates apply for the at-large seat on the Des Moines City Council
Local News3 days ago
Representative Ashley Hinson speaks at Linn County GOP convention
Local News22 hours ago
Iowa bill would cap insulin prices at $75 a month
Local News2 days ago
Residents of Iowa City praise honor Ashley Bryan on Sunday in recognition of Black History Month
Local News47 mins ago
Iowa Senate passes ‘Religious Freedom Restoration Act’