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US Agriculture after the Closing Bell Report

Soybean futures lead again Thursday driven by concerns about South American supplies and news of Chinese demand.

Wheat futures posted gains on the day, finished at or near session highs. Chicago Wheat finished around 0.12 to 0.21 higher; Kansas City wheat finished 0.1875 to 0.2350 higher; and Minneapolis Wheat closed with 0.085 to 0.1375 gainers. News Egypt purchased 60,000 MT of US SRW Wheat displaced a disappointing weekly export sales tally of 360,300 MT for combined marketing years

Soybean futures spent the entire day in the Green, and finished at or near their daily highs with gains of 0.17 to 0.19 in old-crop futures and 0.1025 to 0.1625 higher in new-crop. Soyoil and Soymeal finished with moderate gains.

Corn futures settled high-range with May and Jul futures 0.1025 higher, Sept 0.0475 cents higher and new-crop futures 0.0725 to 0.085 higher. Corn futures were pulled higher by a strong rally in the Soybean market Thursday, with its gains being more tempered by expectations for a record-large M-Y 2012-13 crop. Traders will be hesitant to add long new-crop futures positions ahead of the 30 March USDA Prospective Plantings Report.

Cotton futures softened into the close to finish mixed. May through October contracts ended 7 to 20 pts higher and deferred months closed 25 to 52 pts lower. Cotton futures benefited from a strong weekly export sales total of 358,700 RB with 239,900 RB sold for M-Y 2011-12 and 118,000 RB sold for M-Y 2012-13. Mexico was the lead buyer, followed by China.

After spending most of the Thursday in positive territory, lean Hog futures sold off into the close to finish mixed with a downside bias. Most contracts settled at or near their daily lows. Lean Hog futures benefited from steady to firmer cash hog bids and optimism that pork demand would soon pick up thanks to the warm temps encouraging consumers to fire up the grills. But a break through technical support sent Cattle tumbling late, which spilled into the lean Hog market.

Live Cattle futures enjoyed gains most of the day but sell stops were triggered in late trade to produce a sharply lower close. Apr through Aug futures closed 1.05 to 1.45 lower, while deferred months saw moderate losses. Feeder futures also sold off into the close to finish 0.8250 to 1.55 lower. Late profit-taking pressure on live and feeder Cattle futures triggered sell stops and sent the markets sharply lower.

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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