Corn, Wheat and Soybean Prices
US Agriculture After the Closing Bell Report
LTN Closing Grain Comments; Grains Stage Strong Rally Late Tuesday
As on Monday, early commercial buying gave way to noncommercial trade late in the day, extending Tuesday’s rally in most Grain markets.
Wheat futures rallied into the close to finish high-range. Kansas City led gains to finish mostly around 31 cents higher. Chicago and Minneapolis Wheat posted gains in the low to mid-20s. Early support was tied to Monday’s final winter Wheat crop condition ratings of the season, which reflect a record-low 33% of the crop in “good” to “excellent” shape.
Corn futures rallied into the close to finish on session highs and mostly 8 to 12.75 cents higher. Dec through Jul futures led the way with gains around 12 cents. Corn futures were supported by spillover support from Soybean and Wheat throughout the session, but struggled to find active buying interest until late. Fundamental support came from South American crop concerns and a firmer cash market.
Soybean futures enjoyed price strength throughout the day and rallied into the close to finish near session highs with gains of 20 to 25.25 cents through the August contract; farther deferred months posted gain in the teens. Futures benefited from additional corrective short-covering amid ideas the downside was overdone on the sharp price fall, especially considering increasing dryness in southern areas of Brazil.
Lean Hog futures faced pressure most of the day and ultimately closed 10 to 65 cents lower. This was a high-range close for nearby contracts and a low-range close for deferred months. Pressure on nearby contracts came from the $4-plus premium the Dec contract holds to the cash Hog index.
Live Cattle futures closed narrowly mixed, which was in the middle to lower 33% of today’s trading range. Futures were choppy today as traders weighed fundamentals against an uncertain macro-economic picture. While Monday’s steady $128 cash Cattle trade in Texas gives traders some hope that will be the low-water mark for the week, there are enough uncertainties to keep them from actively buying futures.
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Heffernan Capital Management
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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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