Grains and oilseeds are mixed on Thursday following the overnight session. The U.S. dollar is lower. Crude oil is higher following their recent losses. Stock futures are higher.
CORN
December corn is up 0.25 cents at $4.17. March corn is up 0.25 cents at $4.32 ½.
Futures extended their gains on Wednesday, with the December contract trading 4.25 cents higher to $4.17 ¼. Prices bounced off from the $4.07 to $4.10 support area on Tuesday as the market exhausted its down move.
Gulf corn basis has been declining, which can be a result of harvest pressure. Still, corn exports have been moving along.
The EIA will release its weekly ethanol production and stocks data later this afternoon. Production is expected to have increased again to seasonal highs last week. Stocks are expected to have decreased.
More rain made its way across the Corn Belt overnight, with totals focused primarily in Iowa and western South Dakota. Mostly dry weather continues to favor harvest.
FranceAgriMer raised its corn export forecast to 5.1 MMT, up from the previous estimate of 4.8 MMT. It also reduced its stockpile estimate to 1.9 MMT due to higher exports.
SOYBEANS
November soybeans are up 3.25 cents at $10.09 ¾. January soybeans are 3.25 cents at $10.27 ½. Soybean oil is higher. Soybean meal is lower.
Another quiet day for the soybean market, with November futures closing just 0.50 cents higher on Wednesday. Prices have been consolidating this week and holding above the $10 psychological support level.
Sharply higher soybean meal prices helped support the complex yesterday after prices pushed closer to their contract lows. Soybean oil prices have been showing small signs of strength ahead of the key RFS mandate announcements.
Favorable weather conditions continue to support Brazil’s soybean production outlook. More rain is expected for growing areas through the weekend. However, the two-week forecast turned drier again.
WHEAT
December Chicago wheat is down 3 cents at $4.95 ¾. KC wheat is down 3.50 cents at $4.84 ¾. Spring wheat is down 1.50 cents at $5.49 ½.
Futures failed to attract more buyers on Wednesday following a market reversal the previous session. On the positive side, selling pressure was also absent as corn pushed higher. The market continues to experience a slow bleed.
Wheat prices in France and the Black Sea seemed to firm up this week. HRW wheat prices on an FOB basis also shot up this week, which could be a function of export business being done.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.