Today's DTN Market View - Grains and Meats


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Today's DTN Market View - Grains and Meats

Posted By: USCoralSea
Date: Tuesday, 3 November 2009, at 8:14 a.m.

Today's DTN Market View
Corn: Another disappointing export inspections report of 23.4 mb was well below the 42.7 mb needed to stay on pace with USDA's 2.15 bb projection. If this trend continues it may ultimately put pressure on prices longer-term.
Soybeans: Demand remains solid as weekly inspections came in at 63.7 mb, more than double the 26.3 mb needed to stay on pace with USDA's projection of 1.305 bb. Combined with ongoing production uncertainty and contracts should continue to find strong support.
Wheat: If the wheat market is to sustain a rally, outside markets and row crops will need to be supportive due to the bearish fundamentals facing it.
Live Cattle: Despite last week's sell-off, the short-term trend remains up, making another test of overhead resistance near $88 seem likely in the December contract.
Cotton: Even with known production and quality issues, commercial traders remain bearish evidenced by the strong contango (carry in grain market terminology). This could lead to a sharp sell-off if noncommercial traders decide to be less active participants.
DTN Morning News
Livestock Care on Ohio Ballot
11/2/2009 The Ohio constitutional amendment Issue 2 will be watched closely by all sides of the animal rights debate, considering that the proposal was backed by Ohio farmer groups as a pre-emptive attempt to head off the Humane Society of the United States.
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