Grains mixed at mid-day
The tone is mixed in the CME Group grain pits Friday at mid-day, with corn slightly lower, soybeans slightly higher and wheat unchanged.
At mid-day, the December 2010 corn futures contract is 3/4 cent lower at $5.63 1/2 per bushel, while November soybeans are 1 cent higher at $12.02 1/2, according to Barchart.com. December wheat is unchanged at $6.68 3/4 per bushel.
The $5.63 point in the corn trade is an important one, analysts say. Closing Friday's trade under that price could mean the "bull market has run out of steam," one analyst says in a Dow Jones Newswires report.
In the soybean market, however, look toward early next week for the "dead cat bounce," the time when a top could be made. "With the passing of ten trading days since the October 4 harvest low, we are now into the territory where a top in prices could be expected at any time," writes market analyst Roy Smith in his Friday commentary. "Even though ten trading days is the minimum experienced in other years, it is more common for the move to last fifteen trading days. That milestone will be met on Tuesday, October 26."