DTN Closing Grain Comments 11/11 13:45

DTN Closing Grain Comments 11/11 13:45 Monday Session Mixed as Traders Uncertain What to Make of USDA Estimates It was a low volume session Monday as many traders were likely away from their desks with it being Veterans Day. Corn and soybeans traded on both sides of even to start the week as traders are still trying to form an overall market bias following Friday's World Agricultural Supply and Demand Estimates (WASDE) report from USDA. At first glance, the report appears to be overall very supportive of higher prices for U.S. grains as USDA cut both corn and soybean production, with the latter being a much larger cut than most analysts had estimated. However, gauging by price action Friday and Monday, it appears traders are much more uncertain of what to make of the estimates than one would have originally thought. On one hand, the government cuts in production were bullish, but on the other hand, the USDA's bearish clues hidden in the demand figures most definitely have traders nervous about pushing long positions, especially considering even with Friday's cuts the U.S. balance sheets still boast the second and third highest production on record for soybeans and corn, respectively. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: December corn closed down 1 cents and March corn was down 1 1/2 cents. January soybeans closed down 8 cents and March soybeans were down 8 1/4 cents. December KC wheat closed down 4 3/4 cents, December Chicago wheat was down 7 cents and December Minneapolis wheat was down 4 1/4 cents.