Wheat Market Recap

Dec Wheat finished up .075 at 636.75, 3.25 off the high and 13.50 up from the low.

Mar Wheat closed off 3.75 at 664.25. This was 9.75 up from the low and 5.75 off the high.

Dec Wheat closed .075 of a cent higher on the day but down 7.75 cents for the week.

Strength in the USD and weakness in equity markets was enough to push the market lower early in the session with the market remaining inside of yesterday’s range for much of the day Friday.

Talk of a near record crop on the way from Australia and rain in the forecast for parts of the southern plains in the US helped to pressure the market.

Ukraine grain harvest reached 51.9-M tons as of November 4th according to the Agriculture minister. Ukraine is expected to harvest near 54-M tons this year as compared with 39.2-M last year.

Traders see the supply/demand report next week showing ending stocks down about 20-M bu from last month. Last month’s estimate was 837-M bu as compared with 862-M last year and 976-M 2 ys ago.

Hog Market Recap

Dec Hogs closed 25 pts higher on the day and down 17 pts on the week. The sell-off in Cattle late in the day helped to spark some selling to push Feb Hogs down into the mid-day but the market recovered to post new highs for the day late.

The market traded in a choppy and 2-sided market early and pushed slightly lower on the day into the mid-session.

Cash markets were steady today but traders viewed the break in Pork values to the lowest level since June this week as a factor which might cause weakness in the cash market next week.

The market may also need to absorb the highest weekly slaughter in near 2 yrs as strong packer margins have traders suspecting a large kill Saturday. Weighted average cash prices from Iowa/Minnesota were slightly higher on the day at 87.51.

Soybean Complex Market Recap

Jan Soybean finished down 6.25 at 1221, 10 off the high and + 2.25 up from the low.

Mar Soybean closed down 6.50 at 1230. This was + 2 from the low and 10 off the high.

Dec Soymeal closed up 0.9 at 315.4. This was + 2.4 from the low and 1.0 off the high.

Dec Soybean Oil finished down 0.16 at 51.87, 0.26 off the high and 0.26 up from the low.

Jan Soybean closed 6.25 cents lower on the session and managed to close down 0.05 on the week.

A Bearish tilt to outside market forces, uncertainty over the financial condition of Europe and a lack of supportive news on the US economy helped spark the early set-back but the market was well supported on the early break to trade just slightly lower on the day into the mid-session.

Indications that China may be re-stocking Soybeans and Soybean oil helped to support the market.

Palm Oil rose to near 7-week highs and this also helped support the market while Nov Soybean deliveries were light.

Positioning ahead of the USDA report Wednesday has kept the trade choppy. Traders see yield near unchanged from last months report but due to a lower export outlook, ending stocks are expected to increase by 20-25-M bu from last months estimate of 160-M bu.

Corn Market Recap

Dec Corn finished up 2.25 at 655.75, 1.75 off the high and 11.25 up from the low.

Mar Corn closed up 2.50 at 666.25. This was + 11.25 from the low and 1.75 off the high.

Dec Corn closed 2.25 cents higher on the session today which left the market up just 0.0075 of a cent higher for the week.

Bearish outside market forces emerged near the opening to help push the market moderately lower on the session early today. But, while the stock market stayed weak and the USD strong, the Corn market managed to find enough support to trade near higher on the session late in the day Friday.

Drier weather in the Midwest is expected to boost the tail end of the harvest. Traders see harvest approaching 90% for the weekly update Monday. Focus is shifting to the USDA Crop Production and supply/demand reports for Wednesday and this may have helped provide underlying support as traders suspect a drop in yield of about 1/2 of a bu per acre from 148.1 last month. Uncertain macro developments for the weekend is seen as an offset.

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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Posted by Shayne Heffernan on Nov 6th, 2011and filed underAgriculture, Commodities, Emerging Markets, Meat & Livestock, Oil, Paul Ebeling.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.