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Commodity Trading Discussion Forum

Today's DTN Market View - Grains and Meats

Posted By: USCoralSea
Date: Friday, 9 May 2008, at 7:45 a.m.

Today's DTN Market View

Corn: The corn market, which had been languishing under overhead resistance through most of this week, was able to break to fresh all-time highs Thursday, reinvigorating its long-term higher trend.

Soybeans: Short-term speculative plays have grown popular in the soybean market as traders await USDA's take on 2008-09 supply and demand for grains and oilseeds (a report will be released Friday morning).

Wheat: The structure of the winter wheat market remains bearish: the trend is lower and the futures spreads are bearishly wide. However, commercial wheat traders are relatively more willing buyers of spring wheat contracts.

Live cattle: Spread trade has been a feature of the live cattle market this week, but it has not drastically changed the structure of the market, as all contracts are rising on a sudden burst of noncommercial (speculative) bullishness.

Cotton: As the July cotton contract took over the continuous front-month chart Thursday, the already-bearish nearby futures spread widened further.

Light to moderate rain, up to an inch precipitation, will move across the southern half of the Midwest Friday -- south of Interstate 80.

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