From the floor November 26

[marketeye]

At the close:

The March corn futures settled 3/4 of a cent lower at $5.53. The Jan. soybean contract closed 16 1/2 cents lower at $12.38 1/2. The Dec. wheat futures settled 3/4 of a cent higher at $6.48 1/2. The Dec. soymeal futures closed $3.40 per short ton lower at $336.80. Jan. soyoil futures contract closed $0.33 lower at $50.25.

In the outside markets, the NYMEX crude oil is $0.21 per barrel lower, the dollar is lower, and the Dow Jones Industrials are down 95 points.

Mike

------------

At 10:30am:

One analyst, looking forward to next week's market, says, "When we return from the holiday, Monday markets will look to the outside markets for direction, largely they'll be looking at the weather reports out of South America. The weather site WXRISK.COM sees another week of dry conditions in Argentina with below normal temperatures and dry conditions in southern Brazil with conditions warming. This forecast is identical to the week prior, but it's a second consecutive week of less than desirable growing conditions. In the longer term forecast 10 to 15 days out the European model of whether projections starts to build high heat into South American crop fields. If the heat gets intensive, then Argentina's got a problem because of the lack of rain and expanding heat in Brazil could move the dryness into central and northern regions and out of the southern regions."

Mike

--------

At the open:

The March corn futures opened 1 cent lower at $5.52 3/4. The Jan. soybean contract opened 11 cents lower at $12.43 1/2. The Dec. wheat futures opened 2 cents higher at $6.49 1/2. The Jan. soyoil futures contract opened $0.49 lower at $50.11.

In the outside markets, the NYMEX crude oil is $0.27 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 73 points.

Wheat is higher off of global weather concerns. Storms bring Australia's wheat harvest to a slow crawl. Likewise, Europe's wheat planting season is threatened by heavy rains.

Mike

---------

At 8:40am:

One trader says, "Export sales are OK but nothing special.  They are not a reason to sell today, and there is a lot of weather talk out there about the western Plains and then overseas.  Plus, China is price-positive, as they are running out of grains and negative as they try to keep prices from going to the moon.  The selloff overnight seems dollar based, I can't find any other reason to sell today.  We should open about there and then today might end up one of those wild days."

Mike

--------

At 8am:

USDA released its Weekly Export Sales this morning. For corn, sales were estimated at 823,000 metric tons, 948,000 metric tons of soybeans, 293,000 mt of soymeal, 700 mt of soyoil, and 745,200mt of wheat.

What do you think, friendly sales levels?

Mike

-------

At 6:30am:

Early calls: Corn down 3-4 cents, soybeans 11-13 lower and wheat 1-2 higher. Reminder: The CME Group grain markets close at 12:02pm today.

Trackers:

Overnight grain markets=Trading mostly lower.

Crude Oil=$0.73 lower.

Dollar=Higher.

Wall Street=Seen trading lower after holiday break. Plus, the European financial worries continue. Portugual is now under pressure to accept a bailout. Its leaders say no bailout is needed.

World  Markets=Lower.

More in a minute,

Mike