Corn, Wheat, Soy, Hogs, Cattle Prices
US Grains saw a solid rally Wednesday; rain markets posted solid gains Wednesday, though Corn and Soybeans did not see a turn back to up trends. Some renewed commercial buying was seen in both
markets as traders took advantage of the recent sell-off. Outside markets were mixed, with the USD index falling during most of the session
Wheat futures assumed more of a leadership role Wednesday. The market rallied into the close to end with gains in the upper teens to low 20′s in most contracts at all 3 locations. Wheat futures enjoyed corrective Short-covering today on ideas the downside has been overdone and from help of friendly outside markets. Strong gains in the Soybean market provided spillover support
Corn futures finished 13.0 to 16.5 cents higher in the Dec through Jul contracts, which was near session highs. Far-deferred months were mostly 6.0 to 8.0 cents higher. Corn futures rebounded today on ideas recent losses were overdone despite heavy pressure on Crude Oil futures. In addition to Short-covering, there was some bargain buying, with some of that tied to strength in Gulf basis. Commercials were noted buyers on the day.
Soybean futures extended gains around midday and posted a high-range close to finish 20.75 to 30.0 cents higher. Soymeal and Soyoil saw strong spillover support. Ideas recent losses were overdone spurred Short-covering overnight and traders extended gains as the USD weakened this morning as they digested the move by the Bank of Japan to provide more stimulus for its economy.
Lean Hogs futures favored a firmer tone throughout the day amid short-covering and ended 45.0 to 90.0 cents higher, which was near session highs. Futures extended the rally from their contract lows as traders say there is mounting evidence the worst is behind in terms of heavy Pork production. The cash Hog market was mostly $1 higher today as packers were willing to dip into profitable margins to secure needed supplies.
Cattle futures were choppy to lower for much of the session, but firmed into the close to finish slightly higher in all but the front-month Oct contract. Uncertainty over this week’s cash Cattle trade triggered the cautious tone in live Cattle futures Wednesday. While traders sense a short-term top in the cash market may be near, boxed Beef prices continue to charge higher and showlist supplies are tighter than a week-ago.
- Court decision: Loders Croklaan must not be “IOI” in Germany
May 8, 2013
- Top Stories Sugar, Cocoa, Coffee
April 25, 2013
- Corn Market Recap
April 24, 2013
- Antibiotic Resistant Superbugs Crawl Into US Food System
April 20, 2013
- China developed Hybrid Rice to help the Philippines achieve Rice self-sufficiency
April 17, 2013
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.
Best Hedge Funds 2013
Working with some of the World’s largest financial institutions HCM’s goal is to provide portfolio returns that exceed the S&P 500 Index benchmark while …
UAE Economy Seeing a Spring Boom
Driven by stable high Crude Oil prices, tourism, diversification and a liberal trade policy, the United Arab Emirates (UAE) witnesses an unprecedented …
Jodi Arias Fights for Her Life
Last week, the same jury that convicted Arias declared she was eligible for the death penalty. The jury made their decision after …
The Hot List
Enviro-Serv Inc (OTCMKTS:EVSV), Medical Marijuana Inc (OTCMKTS:MJNA)
Enviro-Serv Inc (OTCMKTS:EVSV)
EVSV had a stellar dy yesterday, ut it looks like it is just the begining of big things, good …