Today's Market View Corn Futures Expected to Open 13 to 15 Lower as of 7:15 a.m. CDT
23 minutes ago
Corn: The commercial outlook continues to grow more bullish in both old-crop and new-crop corn, setting up a test of the record high at $7.22 3/4 for the new-crop December contract in coming weeks.
Soybeans: Solid gains the past two weeks have the new-crop November contract in position to test the previous contract high at $14.15 1/2 as early as next week. A move through this level would turn the long-term trend up.
Wheat: Despite the significant weakening of the September-to-December Chicago futures spread last week, the commercial outlook remains bearish and should continue to stall rally attempts.
Live Cattle: After rallying early in the week and testing the previous week's high, cattle contracts came under renewed pressure, stalling the recently established short-term uptrend.
Cotton: The downtrend in cotton continues to strengthen as the new-crop December contract closed below $1/pound for the first time since early January, opening the door for additional noncommercial long-liquidation.
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