US Agriculture after the Closing Bell Report

Wheat futures closed 0.10 to 0.1975 lower in Chicago, 0.12 to 0.14 lower in Kansas City and mostly 0.095 to 0.1575 lower in Minneapolis. Futures finished near session lows on Monday in most contracts at all 3 exchanges. Wheat futures were pressured throughout the day by weather as heavy, beneficial rains moved across the Central and Southern Plains.

Corn futures favored a weaker tone through the day and ended nearer session lows, with old-crop contracts leading losses. May and July futures posted Bearish daily reversals and finished 0.095 and 0.0875 lower, respectively. The rest of the pit closed 0.03 to 0.04 lower. A lack of news led to profit-taking in the Corn market, but pressure was limited by positive outside markets. The USD index weakened as Corn was closing, which could spark a fresh wave of buying overnight. Soybean futures were in negative territory much of the day and finished 0.0525 to 0.0750 lower in old-crop futures while new-crop futures saw lighter losses. Spillover led to a moderately lower finish for Soymeal while Soyoil closed with slight losses. Traders booked profits in the Soybean market today on a lack of fresh news. Weather concerns in South America persist, but the smaller Soybean crop has largely been factored into prices.

Cotton futures closed 126 to 185 pts higher in the May through Mar 2013 contracts. Far-deferred futures posted slightly lesser gains. Most contacts ended near session highs. Cotton futures were initially supported by commercial buying, speculative short-covering and bargain buying. As the USD turned lower Monday morning, that added to the support.

Lean Hog futures ended at or near the top of their daily trading range. All but the Jun contract closed steady to 0.225 higher. Jun futures posted a 0.20 loss. Lean Hog futures faced pressure at times today due to a weaker cash market, late Short-covering pulled the market to a mostly higher close.

Live Cattle futures saw a choppy trading Monday too, but finished nearer session lows to close 0.125 to 0.90 lower. Feeder Cattle futures closed 0.45 to 1.25 lower. Live Cattle got off to a firm start on Short-covering, but drifted lower into the close Monday.

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.