Today's Market View Corn Futures Expected to Open 3 to 6 Lower as of 7:15 a.m. CDT
21 minutes ago
Corn: Corn remains in a weather market after contracts struggled on a forecast for widespread rain through the weekend. However, the crop is far from out of the woods as hot, dry conditions are expected to return next week.
Soybeans: A strong new-crop export pace -- another 220,000 metric tons sold to China for 2011-2012 delivery -- along with the weaker dollar supported bean contracts Wednesday keeping the market in its well-defined sideways trend.
Wheat: The weakening U.S. dollar index and unwinding of corn/wheat spreads allowed Chicago contracts to close higher, though the market structure remains bearish, led by the strengthening carry in futures spreads.
Live Cattle: Live cattle contracts stumbled Wednesday as cash and boxed beef prices continue to fade on lackluster grilling demand due to the massive U.S. heat wave.
Cotton: Despite the weakening U.S. dollar index, cotton futures were unable to build upon Tuesday's limit-up (4 cents) move, settling lower on light noncommercial long-liquidation.
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