Wheat futures settled 3.5 to 9.5 cents lower in Chicago, mostly 0.05 to 8 cents lower in Kansas City and around 2 to 3 cents lower in all but the far-deferred contracts that were firmer in Minneapolis. Futures got caught up in the broad, risk-off move in the investment world Tuesday. Despite heavy outside market pressure, wheat was able to rebound well off session lows into the close as Corn trimmed losses and many of the Soybean contracts worked higher.

Dec through Jul Corn futures ended fractionally to 5.75 cents lower, with far-deferred contracts fractionally to 1.75 cents higher. Corn futures favored a weaker tone throughout the day Tuesday, but deferred futures found late-session spillover support as Soybean futures came off their lows. Negative outside markets tempered buying throughout the day.

Soybean futures faced heavy pressure in early trade, but the market improved around midday and extended gains into the close to settle steady to 6.75 cents higher through the Sept contract. Far deferred months closed 2 cents lower. Early in the session, Soybean futures faced heavy profit-taking pressure due to strong gains in the USD index and sharp losses in the stock market and crude oil futures.

Most lean Hog contracts gapped lower on the open and faced pressure throughout the day. Futures settled with losses ranging from 20 to 55 cents. Broad risk aversion and a disappointing Cold Storage Report for the month of Sept encouraged profit taking in lean Hog futures today.

Live cattle futures ended 15 to 52.5 cents lower through the Aug contract, while far-deferred contracts closed steady to firmer. Futures were largely pressured by negative outside markets amid a “risk-off” atmosphere. The selloff on Wall Street gained momentum Tuesday as the DJIA sank more than 240 pts on disappointing earnings and concerns about the global economy.

 

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.

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