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.