Today's Market View Corn Futures Expected to Open 5 to 7 Higher as of 7:15 a.m. CDT
23 minutes ago
Corn: December corn closed well off its high, but was able to close with a solid double-digit gain as the market remains concerned about final yield coming in below the current 158.7 bpa estimate.
Soybeans: After testing the contract high at $14.11 1/4, the November contract came under pressure from technical selling. The November-to-January spread weakened, though, indicating a more bullish commercial outlook.
Wheat: After the dollar moved off its low and corn eased back, Chicago wheat contracts gave back most of Monday's gains due to a lack of spillover noncommercial support.
Live Cattle: Renewed buying interest from both sides of the market supported the nearby contracts in large part tied to triple-digit gains in the Dow Jones Industrial Average on positive domestic economic reports.
Cotton: The weaker dollar and oversold conditions sparked a limit-up (4 cents) rally in the cotton market Monday. However, the rally could just as easily be classified as a "dead cat bounce."
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