Corn, Wheat and Soybean Prices
Grain contracts were unable to rally Friday, though most contracts closed well off session lows. Despite the late-week pressure, all 3 markets are in the process of establishing Bullish technical signals
Wheat: Wheat futures posted sharp, double-digit declines Friday, but still ended higher for the week. Traders actively liquidated long positions to close out the week on end-of-the-month positioning after futures moved into the upper bounds of their extended, choppy trading ranges earlier this week.
Corn: Corn traders booked profits ahead of the weekend and month-end, and futures ended with slight losses for the day. But most contracts still finished a few cents higher compared with last week. A lack of fresh fundamental news this week resulted in Corn following outside markets and even Wheat futures this week. This may well be the case again next week.
Soybeans: Soybean futures were under pressure throughout today’s session and finished 4.75 to 9.25 cents lower, which was mid-range. On the week, Soybean futures finished with solid gains around 20 to 30 cents. Funds liquidated long positions to close out the month. The start of a new month could bring a fresh wave of fund buying into the market, but that’s unlikely given macro-economic concerns and the fact many traders are looking to close out their books for the year instead of add new positions.
Hogs: Feb and May lean Hog futures ended 20 cents lower today, while other contract months posted slight gains. On the week, Dec lean Hog futures posted strong gains, while deferred contracts posted little net change. The cash hog market will remain steady to firmer next week as long as packers are able to keep cutting margins above break even.
Cattle: Live Cattle finished 85 cents to 1.70 lower through the October contract today and posted moderate to sharp losses for the week. Feeder cattle also posted moderate losses today. Cash Cattle trade surprisingly came in 2 to 3 lower at 125 in the Plains Friday. Combined with a weekly low-range close, that will give Bears the upper hand early next week.
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Heffernan Capital Management
Business Development Director – Private Client Group,
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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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