Analyst Paul Ebeling of takes a look at Wheat, Corn and Soybean Prices

Most live and feeder contracts closed sharply lower thanks to growing beef demand worries and technical selling. The lean Hog pit finished moderately lower as traders feared that fundamentals were falling back into more typical forces of Q-4 Bearishness.

Moderate cash Cattle trading developed in most areas with live prices generally steady in the South (i.e., $127) and dressed deals steady to $1.00 higher in the North.

According to the closing report, the Iowa Hog base closed – $1.01 compared with the Prior Day settlement, $70.00-84.75, weighted average $82.35.

The Corn market put in a defensive session with contracts finishing generally 10-12 cents lower. Long liquidation and spec selling was prompted by more evidence of weak export demand.

The US stock market closed higher after a session of choppy trading, lifted by energy and some better-than-expected economic reports, i.e., falling jobless claims, higher orders for durable goods. The Dow closed 26 pts higher with the NAS + 4.


LTN’s Closing Grain Comments; Grains drift lower in another quiet session Thursday. The complex drifted lower as spillover support from the USD index overnight evaporated.

General Comments: Corn closed 12.5 cents lower in the Dec and 12 cents lower in the Mar contract.

Soybean closed 6.5 cents lower in the Nov and 6.25 cents lower in the Jan. Wheat closed 11.25 cents lower in the 7.00 Dec Chicago, 9.4 cents lower in the December Kansas City, and 9 3/4 cents lower in the December Minneapolis. The USD index is 0.154 higher at 80.068.

Dec Gold is 11.60 higher at 1,713.20 while Dec Silver is 0.530 higher and Dec Copper is $0.0145 lower.

December Crude Oil is $0.37 higher at 86.10. December Heating Oil is 0.0240 higher while Dec RBOB gasoline is $0.0428 higher and Dec Nat Gas is $0.003 lower on the day.

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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