Today's DTN Market View - Grains and Meats


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Today's DTN Market View - Grains and Meats

Posted By: USCoralSea
Date: Friday, 6 November 2009, at 9:14 a.m.

Today's DTN Market View
Corn: Even with the setback the past two sessions, December corn remains higher for the week. However, the carry in futures spreads is strengthening indicating underlying fundamentals are turning more bearish.
Soybeans: Increasing harvest progress due to favorable weather conditions is weighing on the market. Futures spreads are strengthening and basis levels are depreciating due to farmer selling -- a sure sign that harvest is moving along at a rapid pace.
Wheat: Total wheat demand is running 31 percent behind last year, and is well behind USDA's projection of an 11 percent decrease for the 2009-2010 marketing year. This only amplifies the bearish fundamental situation that continues to weigh on prices.
Live Cattle: As the December contract approaches overhead resistance near $88, a failure to overcome this level would once again confirm the sideways trend.
Cotton: Selling by the commercial side of the market led to losses Thursday. Bearish underlying fundamentals will continue to weigh on prices when noncommercial interest is lacking.
DTN Morning News
Sen. Panel OKs Democratic Climate Bill
11/5/2009 The U.S. Senate Environment and Public Works Committee on Thursday approved a Democratic climate change bill.
The dry and favorable harvest weather pattern will remain in place Friday, allowing further progress in crop drying and harvest over most of the main U.S. crop areas.
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