CNC Technical Summary
CNC Fundamental Summary
Soybeans closed 1.3-percent higher today, with the July contract settling 17 1/2 cents higher at $13.49 a bushel. Surging energy prices and speculation that farmers protest in Argentina over higher export taxes will resume after tomorrow's talks, sent soy higher on the session.
Government officials are scheduled to meet with Argentine farmers tomorrow about the rise in export taxes from 35 to 44-percent that led to a nationwide strike. Processing of soybeans fell 50-percent in March as farmers withheld supplies during a three-week strike.
Surging crude prices continues to influence soy-oil, which is used to produce bio-diesel, sending the July contract 222 points higher at 63.25 cents per pound. July soy-meal settled $1.00 lower at $332.30 per short ton.
Corn closed nearly 3-percent higher today, with the July contract settling 17 1/2 cents higher at $6.07 1/4 per bushel. Planting delays and speculation that cooler temperatures and soggy fields will lower yields sent corn higher on the session.
Rice closed 1-percent higher today, with the July contract settling 20 cents higher at $20.53 per hundredweight. Planting delays in Arkansas, the largest U.S. rice producing state, was noted for the bullish tone today.
July wheat settled 6 cents lower at $7.78 per bushel, and July oats settled 2 1/2 cents higher at $3.96 1/2 a bushel.
Coffee closed at a 5-week high with the July contract settling 365 points higher at $1.4045 a pound. Weakness in the U.S. dollar pushed coffee above a key resistance lever triggering stops on its way to a 3-percent gain on the session.
Sugar on the front month fell to a 5-month low with the July contract settling 3 points lower at 10.60 cents a pound. Spreading out of the front month into the October contract was noted for much of today's action. October sugar settled 22 points higher at 12.05 cents.
Orange juice futures fell to a record low with the July contract settling 80 points lower at $1.0640 a gallon. Climbing inventories and favorable weather in Florida's citrus belt continues to pressure orange juice lower.
July cocoa settled $17 lower at $2,586 a metric ton, and July cotton settled 21 points higher at 70.98 cents a pound.
Hogs closed lower today, with July pork bellies settling 175 points lower at $75.40 per hundredweight. Speculation that cash prices have topped out as packers have filled their meat orders for the Memorial Day holiday sent hogs lower. Demand typically falls off after the holiday. July lean hogs settled 5 points lower at 76.12 cents a pound.
Cattle futures closed higher today, with August live cattle settling 102 points higher at 99.55 cents a pound. Higher cash prices were noted for the gain in the cattle complex today. August feeder cattle settled 70 points higher at 114.37 cents a pound.
The U.S. Department of Agriculture's mid-day boxed beef wire reported choice cuts gained $0.51 per hundredweight, while select items were $0.57 per hundredweight higher.
Gold climbed to a 4-week high, with the June contract settling $8.40 higher at $928.60 an ounce. Weakness in the U.S. dollar and soaring energy prices increases the appeal of precious metals as a hedge against inflation.
Copper fell nearly 1-percent today, with the July contract settling 3.2 cents lower at $3.7445 a pound. Climbing inventories monitored by the LME was noted for much of today's decline.
Copper inventories monitored by the London Metal Exchange have surged 13-percent this month, reaching the highest level since March 17. China imports of copper fell 19-percent in the first quarter from a year earlier.
July silver settled 33 cents higher at $18.05 an ounce, July platinum settled $73.20 higher at $2,221 an ounce, and June palladium settled $12.95 higher at $463.20 an ounce.
Crude oil surged to a fresh all-time high, with the July contract settling $4.19 higher at $133.82 a barrel. Inventories of U.S. crude oil sent the black gold significantly higher as analysts had expected inventories to gain modestly.
The Energy Department's Energy Information Administration reported that U.S. crude oil inventories fell by more than 5 million barrels last week. Analysts had expected a modest increase.
June gasoline futures settled 7.97 cents higher at $3.3841 a gallon, June heating oil settled 10.40 cents higher at $3.8790 a gallon, and June natural gas settled 27.5 cents higher at $11.64 per 1,000 cubic feet.
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