DTN Closing Grain Comments    11/04 13:43
   Soybeans Lead Market Correction as Traders Book Profits

   It was an all-around risk-off session for row crops Tuesday with the
exception of wheat futures, which continued to ride Monday's wave of trade
optimism. Soybean futures led the way lower in the first significant corrective
price action in what has been an almost vertical move higher between soybeans
and soybean meal since the middle of October. It is likely traders and possibly
producers looked to reward the rally following Monday's surge higher. Traders
may also be feeling some nervousness ahead of the next USDA update in the
middle of the month, which may still find large U.S. crops with harvest coming
to an end. Outside markets were also mostly negative influence on ag markets
Tuesday, with the U.S. Dollar Index firmer for a fifth straight session and
directly below 3-month highs. Energy markets were mixed but stalled against
topside resistance, while equities were lower, continuing the recent pullback
from last week's record levels.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   December corn closed down 2 3/4 cents and March corn was down 2 cents.
January soybeans closed down 12 3/4 cents and March soybeans were down 12 1/2
cents. December KC wheat closed up 4 3/4 cents, December Chicago wheat was up 6
3/4 cents, December MIAX Minneapolis wheat was down 1 1/4 cents.