Grains are mixed in overnight trading:

Dec Corn – 3 ¼ cents/bu (5.19 ¼ )

Nov Soybeans + 5 ¾ cents/bu (12.04)

Dec Chi Wheat – 3 ¼ cents/bu (7.30 ¾ )

Cdn $ +0.00125 ( 80.365 cents)

WTI Crude Oil -0.63/barrel (80.01)

Corn and wheat have traded both sides of unchanged during the night session, while soybeans have been higher all evening.  All grains came out of the blocks higher last night, but have settled into current levels in light trading volumes.  December corn futures are finding technical support at it’s 200 day moving average, while November soybean futures seem comfortable at the psychological $12.00/bu flat price level.

Rumors of Chinese buying interest, and expectations of their return to the market after yesterday’s steep losses are providing support to bean prices, but more importantly, soybean oil futures are up 1.55 cents/pound this morning, reconfirming the tremendous demand for edible oils – both for human and for industrial consumption.  Yesterday’s Weekly Export Inspection Report was lost in the furor of the USDA October Crop Report release, but last week, the USA exported 1,612,000 tonnes of soybeans – double the total of the previous week, and higher than the highest trade guess for the report.  Of note, China took 1.17 million tonnes of those soybean shipments last week – a very good sign.