DTN mid-day corn comments

CORN:   Corn is steady to fractionally lower at midday which is a light
disappointment for the market bulls following the supportive crop ratings
Monday afternoon.

  Combining the overnight trade into our midday market the range in corn has
been 2 3/4 higher to 2 1/4 lower. The trade is consolidating with the downward
pressure subsiding this past week, but there is limited buying above the
$3.40-42 area on the December contract. There will be some needed light rains
in the western belt this week but nothing heavy; the overall expected Corn Belt
rains this week are on the light side. This has the market expecting a lightly
lower crop rating again next week which is expected to keep futures supported
on light breaks. Crop conditions Monday afternoon fell 4 percent in the G/E
category down to 58 percent; estimates were for ratings to be steady to 2
percent lower. There were some reports out around noon yesterday predicting the
lower ratings; this led to the rally Monday afternoon, pricing in the
supportive report. The trade will be looking for private production estimates
tomorrow and on Friday. Look for afternoon direction from the noon forecasts;
if no major change is seen then mixed trade is expected.