Today's DTN Market View - Grains and Meats


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Today's DTN Market View - Grains and Meats

Posted By: USCoralSea
Date: Thursday, 8 May 2008, at 7:54 a.m.

Today's DTN Market View
Corn: Despite its stalled higher trend, the corn market isn't rushing to liquidate long positions just yet. Market bulls may be waiting for Friday's USDA Supply and Demand report before abandoning hope for a continued trend.
Soybeans: Many noncommercial (speculative) soybean traders with bullish net-long positions have based those plays on a demand-driven outlook. Therefore, the protests in Argentina, which limit South American soybean trade, add export demand to the U.S. market and receive enthusiastic attention in Chicago.
Wheat: Small spikes in the total open interest for wheat futures contracts suggest that the price movements this week haven't been caused by short-covering or long-liquidation; rather, an influx of speculative activity has been acting on the wheat markets.
Live cattle: Despite the spread dynamics during this week's index fund roll, the large price premium commanded by the August contract will continue to support commercial traders' bullish outlooks.
Cotton: On the last trading day for the May cotton contract, the front-month chart fell through a technical trend line at 66.40. If this is interpreted as a technical sell signal, the long-term uptrend of the cotton market will be threatened.
Moderate to heavy rain in the southern and eastern Midwest will keep the brakes on field work Thursday. Meanwhile, a weather system in the Northern Plains will bring light rains to the far western areas of the Corn Belt, bringing some field work delays to this sector as well.
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