US Agriculture, after the Closing Bell Report
Wheat futures ended with gains in the teens to 0.20+ at all 3 exchanges. Wheat futures still ended lower on the week. Futures proved this week they need the Corn market for support. That will very likely remain the case next week, meaning focus on Corn crop size will be the primary fundamental for Wheat.
Corn futures ended the week with slight gains thanks to late-week buying spurred by sharp weakness in the USD index. Futures were also supported by panic purchases by Mexico, as well as declining crop estimates. Focus next week will be on position squaring ahead of Friday's 1st survey-based estimate of the US Corn crop.
Soybean futures finished with gains of 0.12 to 0.21 in most contracts today to secure decent price gains for the week. Price action early next week will hinge on the forecast weekend rain event. If rains are again disappointing, traders should be quick to build more premium into the market. But if widespread, beneficial rains are seen, Soybean would open the week under pressure
Lean Hog futures posted hefty losses again today to finish the week sharply lower than last Friday's close. Bears have firm control as the market has turned bearish technically and there are fundamental supply concerns. That suggests additional price pressure is likely next week, with the upside limited to corrective buying.
Live Cattle futures remained in the 2-month consolidation range this week. August futures posted slight gains for the week and ended at around a 2.00 premium to this week's 118.00 cash Cattle trade, with deferred contracts posting slight losses. To build on this week's higher cash Cattle prices, the boxed Beef market must continue to strengthen.
HCM Custom Corn Chart Exclusive to www.livetradingnews.com
HCM Custom Wheat Chart Exclusive to www.livetradingnews.com
HCM Custom Soy Chart Exclusive to www.livetradingnews.com
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.