Today's Market View Corn Futures Higher at 7:15 a.m. CST; Opening Calls Subject to USDA Report
Tue Feb 8, 2011 02:48 PM CST
Corn: New-crop contracts rallied for a second straight day, while old-crop issues struggled in negative territory. Spillover support from the strong rally in beans and wheat allowed contracts to close well off session lows once again.
Soybeans: Renewed noncommercial buying saw bean contracts close 20-plus cents off session lows, though the increasingly bearish near-term commercial outlook remains a cause for concern.
Wheat: Improved demand this week -- Tuesday saw a 100,000 metric ton sale to Turkey -- has in part sparked follow-through noncommercial buying this week strengthening the uptrend.
Cotton: It was another volatile session as cotton traded in wide ranges. Solid gains in deferred months were posted with the new-crop December contract settling near the session and contract high.
Live cattle: Selling from both sides of the market led to another round of solid losses Tuesday as near-term fundamentals continue to grow more bearish.