Today's DTN Market View - Grains and Meats


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Today's DTN Market View - Grains and Meats

Posted By: USCoralSea
Date: Wednesday, 7 May 2008, at 7:40 a.m.

Today's DTN Market View
Corn: Trend-following corn-market bulls may give up their optimism and start liquidating long positions if bullish fundamental indications this week cannot force new-crop contracts toward a technical buy signal.
Soybeans: For the entire soy complex, soybean meal tends to be the loss leader on down days, and soybean oil tends to be the leader of gains on up days. This is a reflection of meal and oil's relative bearishness and bullishness (respectively) as seen in their futures spreads.
Wheat: The new-crop September-to-December futures spreads are wider and represent more bearish supply and demand for the Chicago and Kansas City winter wheat markets than for the Minneapolis spring wheat market.
Live cattle: Noncommercial (speculative) traders' net-long position in the front-month live cattle contract is likely to decline as a historically large index roll "officially" gets underway at mid-week and could extend an already wide June/August spread.
Cotton: Noncommercial (speculative) cotton traders typically move to a net-short position over the next several weeks, and the seasonal pattern shows lower prices for the coming week.
OMAHA (DTN) -- Moderate to locally heavy rain will run from the Texas Panhandle through the Midwest Wednesday. Some hail is possible with the rain in the Southern Plains, which may damage some heading wheat. Rain will be beneficial for soil moisture in the Southern Plains, but spring field work will be stalled across the Midwest. Northern Plains and western Midwest areas are stranded on field work due to rains Tuesday.
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