Chicago wheat futures closed mostly 4.25 to 6.75 cents lower. Kansas City Wheat was fractionally to 2 3/4 cents lower in most contracts. Minneapolis wheat closed mostly 2.25 cents lower to 6.25 cents higher. Wheat futures were pressured by comments from Ukraine’s Prime Minister today saying the country would not restrict Wheat exports.
Corn futures saw a highly choppy day of trade and finished mixed. Dec through July futures ended 1.25 to 5.25 cents higher, while the remaining contracts were mostly fractionally to 1 cent lower. Corn favored a firmer tone through the overnight hours but drifted lower this morning and extended losses into midday before returning to near session highs in the nearby contracts ahead of the close.
Soybean prices closed mixed with the November and January contracts 16 and 3 cents higher, respectively, while deferred months were 2.25 to 5.50 cents lower. Most contracts finished mid-range. Soybean futures ran into active liquidation pressure through much of the morning given improved Brazilian weather conditions, continued reaction to USDA’s reports last Friday and a weakening technical picture.
Lean Hog futures finished 17.50 to 57.50 cents higher in all but some of the extreme far-deferred contracts, although that was good for only a mid-range close. Lean hog futures rushed to moderate to strong gains this morning, largely amid unexpected strength in the cash hog market.
Live cattle futures finished strong to post bullish reversals in nearly all contracts. The December through Oct 2013 contracts ended 45 to 52.50 cents higher. Early pressure came on follow through from widespread commodity selling and news this week’s market-ready supplies were up sharply from last week. But ideas the boxed Beef market has marked a near-term low attracted fresh buying.
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.
Copyright Live Trading News All rights reserved.