Soybeans were higher on technical and fund buying, along with spillover from wheat and the outside markets. The dollar was weak with the Dow and crude oil higher on the easing of concern about European debt and better than expected U.S. consumer confidence numbers. Past that – there was no fresh supportive news and the trade’s keeping an eye on conditions in South America. The latest estimate from Argentina’s Ag Ministry has the 2011/12 soybean crop at 52 million to 53 million tons, which would be their second largest on record. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. Dow Jones Newswires sees moderate deliveries on meal and heavy deliveries on oil.

Corn was higher on fund and technical buying, in addition to the influence from outside markets and wheat. Farmer selling is slow and the commercial outlook is supportive with only light deliveries on the first notice day for December, according to wire reports. USDA says the 2011 U.S. harvest is officially over but parts of Ohio have been so wet this year, they’ll need a freeze to get everything collected. Ethanol futures were higher. Argentina’s Ag Ministry sees the 2011/12 corn crop at a record 30 million tons, well above the current all time high of 22.5 million tons; Argentina is the second largest corn exporter, behind the U.S.

The wheat was higher with most months up sharply on fund buying, short covering, and spillover from the outsides, especially the dollar. According to Dow Jones Newswires, the trade expects minimal first notice day deliveries for December Chicago as farmers hold on to their soft red winter supply. Kansas City is keeping an eye on precipitation totals in the Southern Plains and Minneapolis was encouraged by Japan’s tender for 104,963 tons of U.S. milling wheat (38,888 tons dark northern spring, 34,210 tons western white, and 31,865 tons hard red winter). European wheat was up modestly thanks to the lessening concerns about Europe’s debt. Canada’s Parliament appears to be well on its way to abolishing the Canadian Wheat Board and the IntercontinentalExchange’s Canada branch has been grained regulatory approval for the trade of milling wheat, durum, and barley starting in January. The Argentine Ag Ministry sees the 2011/12 wheat crop at 13.5 million tons, up from the last guess of 12 million, and cleared an additional 2.7 million tons of 2010/11 wheat for export, along with 3 million tons of 2011/12 wheat. Argentina’s wheat crop is around 20% harvested.