Corn futures posted a mid-range close, settling with gains of 0.04 to 0.05. Corn futures were initially boosted by improving investor risk appetite on signs the euro-zone is taking action to resolve its financial troubles. The USD Index was sharply lower, encouraging widespread commodity buying.
Soybean futures closed 15.50 to 19.25 cents higher well off session highs. Meal and Soyoil saw spillover support, but also closed off Monday's highs. Support came from sharp weakness in the USD Index, which was boosted by expectations the EuroZone would avoid a complete financial meltdown.
Wheat futures closed 2 to 6.24 cents higher in Chicago, steady to 0.02 higher in Kansas City and 5.50 cents lower to 14.75 cents higher in Minneapolis. Most contracts at all 3 exchanges closed near the bottom of today's range, with the exception of nearby Minneapolis wheat which finished mid-range. Wheat futures opened sharply higher on support from very Bullish outside markets.
Cotton futures finished 134 to140 pts higher in the December through Dec 2012 contracts. That was in the upper end of Monday's range, but off session highs. Cotton futures were supported by a broad-based move toward risk in the investment World today.
Oct through Apr live Cattle futures settled with losses of 0.35 cents to 1.95, while deferred months were higher. Feeder Cattle futures closed with slight to moderate gains in all but the front-month, which ended with a 62.25 cent loss. Trade in the live Cattle pit was choppy today as traders weighed positive outside markets against uncertainty in the cash market.
Lean Hog futures finished the day mixed, with the Oct through Apr contracts weaker while far-deferred futures were slightly firmer. The Oct and Dec contracts closed 1.95 and 1.50 lower. Nearby lean Hog futures opened slightly lower, but extended losses on profit-taking and expectations a near-term high is in the works for the cash Hog market.
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.