Today's Market View Corn Futures Expected to Open 12 to 14 Lower as of 7:15 a.m. CDT
22 minutes ago
Corn: Corn collapsed Friday on heavy noncommercial long-liquidation sparked by a bearish quarterly stocks number putting the December contract in position to test the August low at $5.75.
Soybeans: Bearish outside markets and the collapse in corn spilled over into soybeans and the free-falling downtrend continues to strengthen setting up a test of key support at near $11.74 on the continuous weekly close chart.
Wheat: Selling from both sides of the market led to sharp losses in Chicago wheat Friday as quarterly stocks came in larger than expected, not all that surprising given the bearish commercial outlook near-term.
Cattle: Buying from both sides of the market (noncommercial, commercial) led to sharp gains in live cattle contracts Friday leading to a close above resistance for the December contract.
Cotton: End of the month and end of the quarter position-squaring along with the stronger dollar pressured cotton contracts lower, setting up another test of key price support again this week.
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