Crop Markets Expected to Open Steady to Mixed

US - Corn futures are called steady to mixed. Overnight trade was steady to 1/4 of a cent lower. With USDA's production report out of the way and harvest essentially complete, the market is set for a small technical bounce.

However, the bearish output and carryover estimates will continue to be a weight on the prices.

Soybean futures are called 1 to 2 cents higher. Overnight trade was 1 to 2 1/2 cents higher. USDA production and ending stock estimates were bearish yesterday, but futures were able to bounce off the lows yesterday and close only down slightly. Light support is expected from firming cash basis and some technical buying.

Wheat futures are called steady to mixed. Overnight trade was steady to 1/4 of a cent higher. USDA left overall supply/demand number unchanged yesterday, but some revisions were made in different classes. The changes were negative for the CBOT, but favorable for the KCBT. We look for some choppy trade today.

Source: AgProfessional

11 November 2005