DTN Closing Grain Comments 11/08 14:03

DTN Closing Grain Comments 11/08 14:03 USDA November WASDE Offers Some Relief on Grain Oversupply Woes Grain prices were very strong immediately following the USDA WASDE release at 11 a.m. CST Friday, before fading off highs throughout the balance of the session. The report pretty much went as analysts expected in terms of direction of revisions, but where the trade missed the degree of these changes. Soybeans, in particular, were a bullish surprise with larger than expected cuts to U.S. production. Corn also saw cuts to a lesser degree. What I found surprising in the report was USDA leaving corn exports for the year unchanged and decreasing soybean exports slightly. The overall price action post release shows that while Friday's adjustments do provide a more optimistic forecast for row crops, the balance sheet still shows a surplus of supply compared to recent years, especially without much lifting from demand this time around. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: December corn closed up 3 1/2 cents and March corn was up 3 3/4 cents. January soybeans closed up 4 cents and March soybeans were up 6 cents. December KC wheat closed down 4 3/4 cents, December Chicago wheat was up 1 cent and December Minneapolis wheat was down 4 3/4 cents.