Wheat futures softened as the day progressed, which resulted in Chicago and Kansas City Wheat ending with losses mostly in the mid- to upper-teens. Minneapolis wheat closed with slightly lighter losses. Futures enjoyed gains early this morning, but as the Corn market came under pressure, so too did Wheat Tuesday

Corn futures saw 2-sided trade but did not stray too far from unchanged as traders reevaluated positions. Futures ended near session lows with losses mostly around 0.03 to 0.04. Early gains were spurred by short-covering following back-to-back days of sharp price losses. Increased harvest-related pressure from the South limited the market's ability to rally and contributed to deterioration in Gulf basis.

August Soybean futures expired 0.2375 higher at 16.80. Deferred months saw 2-sided trade and ended mid-range and narrowly mixed. Soymeal ended with slight gains while Soyoil ended mostly slightly lower. Soybean futures were initially supported by better-than-expected NOPA soybean crush data that along with firmer Gulf basis point to still-strong Soybean demand and the need for more price rationing.

August lean Hogs expired 0.15 lower at 91.80 Tuesday. The new front-month Oct contract closed 0.375 higher while the Dec through Apr contracts ended 0.125 to 0.60 lower. This was a high-range close for most contracts. While the Oct contract benefited from the steep discount it holds to the cash index, other contracts faced profit-taking pressure amid ongoing weakness in the cash market.

Live Cattle futures ended steady to 0.525 higher, which was good for a mid-to high-range close. Ongoing strength in the beef market has traders looking for 1 to 2 higher cash Cattle prices again this week. Last week cash traded very late in the week at 119 to 120. Choice Beef values rose 2.32 this morning and Select was up 2.34, but movement has slowed, with only 98 loads changing hands.

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.