CBOT Midsession

Crude oil inventories came in 1.4 million barrels higher - against the 2.1 million increase that the market was expecting, gasoline stocks fell by more than anticipated, by 2.9 million barrels.

That sent crude higher dragging the grains complex off initial lows.

Beans are leading the way higher currently, up around 15 cents after the USDA pegged ending stocks lower than expected at 190 million bushels, the 5th tightest of the past 40 years in terms of "days of supply".

China bought 110,000 MT of 2010/11 crop beans today, the USDA announced.

Corn and wheat are around 1-2 cents lower, not too bad considering that there was nothing much bullish anywhere in either report for those two.

Egypt passed on US wheat in today's tender, booking one 60,000 MT cargo each of Russian and French wheat.

US ending wheat stocks are now seen above one billion bushels for the first time since 1987.