Corn, Soybean, Wheat Futures All Higher at Midday Friday

MARKET SUMMARY:

Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 8 to 9 cents higher; wheat futures are 7 to 14 cents higher. The U.S. stock market is weaker at midday with the S&P 50 points lower. The U.S. Dollar Index is 5 points lower. The interest rate products are firmer. Energy trade is firmer with crude 2.00 higher and natural gas .04 higher. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold up 20.00.

CORN:

Corn futures are 1 to 2 cents higher at midday with light, two-sided trade turning firmer into the day session with positive spillover action from the outside markets. Ethanol blender margins should continue to improve but driving demand will see headwinds from the next surge in unleaded values. Weather is expected to remain warmer than normal and drier than normal for most through the weekend with more moderate temperatures next week. On the September chart, the 20-day moving average at $4.30 is support with the upper Bollinger Band at $4.51 as resistance.

SOYBEANS:

Soybean futures are 8 to 9 cents higher at midday with early weakness turning to buying with oil leading the product complex. Meal is 1.50 to 2.50 lower and oil is 240 to 250 points higher. Basis should stay flat with crush margins starting to improve again. Weather looks to add a bit of short-term stress with warmth and less rain for much of the belt this week with the second week better for most. The daily export wire was very active Friday with 340,000 metric tons (mt) sold to China; 256,634 mt to Mexico; and 110,000 mt to unknown destinations. All were new crop. On the September contract, chart support is the 20-day moving average at $11.57 with the Upper Bollinger Band at $12.02 as resistance.

WHEAT:

Wheat futures are 6 to 13 cents higher at midday with trade firming back after the Thursday weakness to score another set of fresh highs for the move. Harvest should continue to wind down except for the north for winter wheat with spring wheat likely moving along quickly with the short-term heat. Matif wheat and E.U. corn are firmer as well. On the KC September chart, support is the 20-day moving average at $6.51 with the fresh high for the move at $7.33 as resistance.

David Fiala can be reached at dfiala@futuresone.com

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