Grain prices this morning are trading higher due to the weaker dollar and the bad weather that is crossing the corn belt and that is further hampering the harvest and reducing yields.  Dec corn this morning is up 6.50 cents (+1.66%), Jan soybeans are up 9.75 cents (+0.99%), and Dec wheat is up 6.75 cents (+1.25%).  The grain markets last Friday settled mixed.  Dec corn closed unchanged, Jan soybeans closed down -3 cents, and Dec wheat closed up +7-1/4 cents.  Jan soybeans rallied to a 1-week high before they gave up their gains and finished the day lower.  Bullish factors last Friday included (1) the weaker dollar which may benefit US grain export prospects, (2) strong foreign demand for US soybeans after US exporters sold 1.273 million metric tons of soybeans in the week ended Nov 5, 82% higher than the average of the past four weeks, and (3) speculation that weather forecasts for rain and snow in the Midwest over the next week will slow US corn and soybean harvests further, which may increase yield losses and reduce crop quality.  Bearish factors last Friday included (1) the drop in gasoline which undercuts ethanol prices and corn demand, and (2) an increase in this year's winter wheat plantings in India, the world's second-biggest producer of wheat, to 5.67 million hectares from 5.4 million hectares last year. The daily Corn chart below (provided by www.pricecharts.com) shows Corn could be getting ready to continue it's strong uptrend move that started in mid-September. Now that we have an idea of just how much corn we will harvest (watch for the Crop Progress report today at 4:00PM ET), we can now look into 2010.

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The weekly chart below (also provided by www.pricecharts.com) will give you insight on the longer term price movement of this market along with a great view of the Commitment of Traders report. (If you want information on how to to use this report to catch trends and also on the major changes taking place this year to the report email me at Gary@crbtrader.com with New COT in the subject line).