Today's DTN Market View - Grains and Meats


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Today's DTN Market View - Grains and Meats

Posted By: USCoralSea
Date: Monday, 2 November 2009, at 8:01 a.m.

Today's DTN Market View
Corn: Underlying fundamentals are growing more bearish, as indicated by the strengthening carry in futures spreads. Part of the reason is slumping demand over the past several weeks and estimates of a large crop yet to be harvested.
Soybeans: Unlike corn, underlying fundamentals are growing more bullish in soybeans as exports picked up and reports continue of quality and yield losses due to excessive precipitation.
Wheat: The slowest export sales pace in over 30 years is doing bearish fundamentals no favors and will continue to weigh on contracts.
Live Cattle: Cattle contracts came under pressure, tied to a sharp loss in the DJIA Friday. The December contract will try and hold initial support near $85 this week with an assist possibly coming from an improving cash market.
Cotton: The December contract remains in its short-term uptrend and will attempt to test 70.49 cents, a level that represents the 61.8 percent retracement of the 91.38 high in March 2008 and the 36.70 low in November 2008.
DTN Morning News
KAAPA Ethanol Keeps on Trucking
10/30/2009 One Nebraska community continues to benefit from its farmer-owned local ethanol plant.
Dry weather is the main feature for the central U.S. crop areas Monday. We'll see a few isolated light showers in the western Midwest, but this is not an indicator of renewed heavy rain in the manner of last week.
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