Today's Market View Corn Futures Expected to Open 8 to 10 Lower as of 7:15 a.m. CDT
23 minutes ago
Corn: Corn posted new contract highs but finished well off those levels by the close. The market has reached overbought conditions, which may start to cool noncommercial interest in coming days.
Soybeans: November beans printed a new contract high and closed within a fraction of a cent of that level, setting the stage for additional money to flow in as underlying fundamentals remain bullish longer-term.
Wheat: A lack of commercial interest led to modest losses in nearby Chicago contracts. Overbought conditions along with bearish fundamentals could lead to a selloff over the next couple days.
Live Cattle: Cattle contracts were unable to build upon the rally late last week putting the October issue in line to test key price support near $114 possibly as early as Tuesday.
Cotton: Trade remained slow in cotton with light spillover support from the weaker dollar leading to a modestly higher close. The December contract remains well below initial resistance and could continue to consolidate near-term.
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