Grains are mixed at midday:

Dec Corn – 1 ¼ cents/bu (5.39 ½ )

Nov Soybeans +15 ¼ cents/bu (12.51)

Dec Chi Wheat – 9 ¾ cents/bu (7.46 ¾ )

Cdn $ +0.00045 (79.525 cents)

WTI Crude Oil + 1/40/barrel (79.02)

Grains were under pressure in the night session, and corn and wheat have been negative for most of the day session, but soybeans showed strength as soon as the day session started.  Rumors of Chinese buying interest underpinning the market are being talked about, although no exporters so far have confirmed doing any business.  It would not be a surprise to see some buying come forward after the recent collapse in November soybean futures.

Crude oil futures continue their march higher, as the market views favorably OPEC’s decision to rollover a previously scheduled production increase.  That decision has allowed oil futures to rally, to the point that some analysts are suggesting an upside breakout to resistance levels at $90/barrel.  Strength in energy prices are obviously supportive to biofuels.