Soybean futures settled mid-range with losses of 14.75 to 0.17. Meal and Soyoil saw spillover pressure. Soybean futures were pressured by yet another bout of EuroZone uncertainty spurred by Greek Prime Minister George Papandreou's announcement of a referendum late Monday for the newly developed bailout plan, which later appears to have been withdrawn.
Corn futures rallied late to end 4.50 to 7.25 cents higher in the Dec through Sept 2012 contracts. Corn futures were pressured by highly negative outside markets for much of the session amid investor concerns in the EuroZone. Reports from Greece this afternoon that the Greek vote was dead sparked a late-session recovery that ended with Corn futures near session highs.
Wheat futures posted an impressive recovery to end near session highs after a highly volatile day of trade. Chicago wheat closed steady to 2.25 cents higher, with Kansas City down mostly 0.04 to 0.06. Minneapolis closed 0.02 to 0.07 higher in all but the front-month contract, which closed 0.03 lower. Early pressure came from strong USD strength, which spurred widespread selling in the commodity world.
Cotton saw sharp pressure due to strength in the US Dollar Index. Futures closed 110 to 275 pts lower in the Dec through Oct 2012 contracts, with the front-month contract leading losses and finishing near session lows. Uncertainty over the Global economy resulted in a risk off day for the commodity markets in whole.
Lean Hog futures opened lower, but firmed late to finish in a narrowly mixed range. After trading in negative territory for much of the day, spillover from the live Cattle pit pulled lean Hog futures off lows to a mixed finish. This was impressive in light of highly negative outside markets.
Live and feeder Cattle futures closed sharply higher, with the Dec live Cattle contract ending limit (300 pts) higher. Live Cattle futures started under pressure amid highly negative outside markets. But bargain hunting surfaced in mid-morning trade and active buy stops were triggered on the rise through resistance marks.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.