US Agriculture after the Closing Bell Report on Grains

Wheat futures settled mostly 0.15 to 0.23 lower in Chicago, 0.20 to 0.22 lower in Kansas City and mostly 0.12 to 0.20 lower in Minneapolis. That was a low-range close in most contracts. Futures did not stray far from those levels in after-hours trade. Wheat futures were weighted down by seasonal pressure Tuesday. Harvest activity is becoming more active and yields are improving as combines move north.

Corn futures faced pressure through most of the trading session but settled off their lows. July corn closed 0.16 lower, while deferred months were roughly0.04 to 0.05 lower. Futures extended losses in after-hours trade. Futures were initially pressured by beneficial rains in areas of the northern and western Corn Belt over the weekend. And as worries about the EuroZone increased as the day progressed, so did the price of the USD and pressure on Corn futures.

Soybean futures trimmed gains through the day to close 0.0425 to 0.0675 higher. Futures saw little change in after-hours trade. Meal closed moderately higher, with Soybean Oil marginally firmer. Early support came from positive outside markets, as the USD index was under pressure this morning from optimism Greece would stay in the EuroZone and expectations China will soon announce measures to stimulate its economy.

US Agriculture after the Closing Bell Report on Cattle and Hogs

Lean Hog futures extended gains into the close to finish 0.95 cents to 1.675 higher in the Y 2012 contracts, with Y 2013 contracts 0,10 to 0.7250 higher. Futures found early support from positive outside markets, and as the USD strengthened, Hog futures still extended gains on expectations that a period of better demand ahead.

Live Cattle futures settled mid-range with gains of 0.10 to 0.50. Cattle futures received a boost from a strong start to the boxed beef market this morning. Choice values rose 0.75, while Select rose 1.14 on strong movement of 94 loads. Tighter show list estimates provide additional support.

Economist Shayne Heffernan of Market Outlook

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.