US Agriculture after the Closing Bell Report
Wheat futures settled off their highs Wednesday, with Chicago wheat around 0.02 to 0.03 higher; Kansas City roughly 0.03 higher; and Minneapolis Wheat fractionally to 0.0525 higher. Chicago and Kansas City wheat benefited from some corrective Short-covering Wednesday on ideas the downside was overdone Tuesday. A weaker USD added incentive.
Corn futures firmed late to end 0.0125 higher in the May and Jul contracts, while the Sept through Jul 2013 contracts ended 0.03 to 0.0375 higher. Far-deferred contracts ended around 0.01 higher. Price action was light and choppy in the Corn market Wednesday as traders further digested USDA's Supply & Demand Report, while also keeping a watch on outside markets.
Soybean futures drifted lower with old-crop contracts ending 0.03 to 0.06 lower. September ended 0.0525 lower, with Nov down 0.0575. The rest of the market finished mixed. A lack of news was uninspiring for market Bulls, who are used to getting daily news.
Cotton futures spent most of the day in positive territory, but lost steam heading into the close and finished 165 and 4 pts higher in May and Jul futures, respectively, while deferred months posted slight losses. This equated to a mid to low-range close. Cotton traders had a mix of supply and demand data to digest today, with much of the news coming from India.
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Lean hog futures got off to a choppy start, but quickly softened. Hogs closed 0.575 to 1.30 lower, which was in the lower end of Wednesday's range but off session lows. Concerns about the Pork cutout market weighed on lean Hog futures today, with traders growing tired of waiting on the product market to post a seasonal low.
April through August live Cattle futures ended 0.625 to 0.75 higher and near the middle of Wednesday's range. Far-deferred contracts posted strong gains and finished near session highs. Feeder Cattle futures closed 1.525 to 1.855 higher. Ideas the downside was overdone encouraged Short-covering in Cattle futures Wednesday.
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. Read the Terms of Service