From the floor November 24

[marketeye]

At the close:

The March corn futures settled 10 3/4 cents higher at $5.53 3/4. The Jan. soybean contract settled 16 cents higher at $12.55. The Dec. wheat futures closed 5 1/2 cents higher at $6.47 1/2.  The Dec. soymeal futures contract ended $0.50 lower at $340.20 per short ton. The Jan. soyoil futures contract finished $1.03 higher at $50.60.

In the outside markets, the NYMEX crude oil is $2.68 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 143 points.

One trader says, "A very positive close here, and one related to some bullish news.  China bought 780,000 tons of beans to support what Ag Sec Vilsack said yesterday about them buying, and Reuters noted that the Central Bank regulatory commission in China was pushing banks to make ag loans, with the idea of greatly increasing production of commodities as they are basically running out now.  Corn, sugar and rice were specifically mentioned by the bank regulatory body and the article.  This is bullish as they can not possible hope to produce all they need and it also implies they are about out.  Of maybe everything. We are also watching the weather, still too dry in the western plains and still too dry in southern Brazil and much of Argentina.  South America is a la Nina situation, and the trade is watching this closely.

He adds, "It was a positive close on the charts for soybeans and corn and this market can go higher based on the charts.  Wheat and rice not so much, but new highs next week will be buillish on the charts.  My feeling is that we made some lows in the last week or so in all these markets and can rally from here.  The overall fundamentals imply that down side is limited and upside potential still exists.  We will watch weather and demand news, but I think we saw the liquidation come to an end and the buying come back.  I feel the big selling up until basically yesterday was liquidation and not new selling and it sure seems like that is over now so the rally can probably get started again into the end of the year."

Mike

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At mid-session:

The March corn futures are 6 1/2 cents higher at $5.49 1/2. The Jan. soybean contract is 10 1/2 cents higher at $12.49 1/2. The Dec. wheat futures are 7 1/4 cents higher at $6.49.  The Dec. soymeal futures contract is $0.90 higher at $344.20 per short ton. The Jan. soyoil futures contract is $0.76 higher at $50.33.

In the outside markets, the NYMEX crude oil is $2.04 per barrel higher, the dollar is higher, and the Dow Jones Industrials are up 125 points.

Mike

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At the open:

The March corn futures opened 9 cents higher at $5.52. The Jan. soybean contract opened 14 cents higher at $12.54 1/4. The Dec. wheat futures opened 11 cents higher at $6.53.  The Jan. soymeal futures contract opened $1.40 higher at $344.70 per short ton. The Jan. soyoil futures contract opened $0.65 higher at $50.20.

In the outside markets, the NYMEX crude oil is $0.40 per barrel higher, the dollar is lower, and the Dow Jones Industrials are up 123 points.

Mike

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At 7am:

Early calls: Corn up 2-4 cents, soybeans 6-8 higher, and and wheat 3-5 higher.

Trackers:

Overnight grain markets=Trading higher.

Crude Oil=$0.30 higher.

Dollar=Higher.

Wall Street=Seen trading higher ahead of numerous economic reports.

World  Markets=Mixed.

More in a minute,

Mike