Subscribe to our newsletter

US Agriculture After the Closing Bell Report

Wheat futures saw some Short-covering early Wednesday on ideas Tuesday’s sharp losses were overdone. But Wheat softened into the close to finish 7 to 11 cents lower in Chicago; double-digit lower in Kansas City; and roughly 6 to 7 cents lower in Minneapolis. Early Short-covering gave way to selling as traders still have Tuesday’s USDA Supply & Demand Report on their minds.

Corn futures settled 1.75 to 3.25 cents lower, which was near the middle of Wednesday’s trading range. Futures tried at times today to work higher, but spillover pressure from wheat kept pressure on the market. The other limiting factor remains sluggish demand. While South Korea bought 238,000 MT of Corn overnight, the purchases were South American and South African origin.

Soybean futures faced pressure throughout the morning, but light Short-covering helped nearby futures to move into positive territory after mid-day. January beans settled around a penny higher for the day while deferred months closed 0.75 to 5.25 cents lower. Futures faced light follow through selling early in Wednesday’s session as traders remained unimpressed with USDA’s balance sheet adjustments Tuesday that did not include an increase to its export forecast, though it did increase its crush projection and lowered carryover.

Lean Hog futures were choppy most of the day, but the market rallied after mid-day to end 90 cents to 1.50 higher in all but the Dec contract, which settled 2.5 cents lower for the day. Buying interest in lean Hog futures was limited most of the day due to a steady to lower cash Hog market. But Short-covering increased late in the session as the USD softened and the stock market improved thanks to news the Fed launched another round of bond purchases to stimulate the economy.

Live Cattle futures closed mixed with the Dec, Feb and Aug contracts slightly lower, while other months closed mildly firmer. Price action was light and choppy in the Cattle market as traders were reluctant to make major moves ahead of the Fed announcement on monetary policy and economic stimulus. With the Fed staying its course and given a limited market reaction, price action in live Cattle stayed choppy into the close.

If you would like to order a personalized portfolio review for 2013 Click Here

Interested in Investing in Asia? Hedge Funds, Real Estate, Trading, Research, Advice, Data Apply Now

The Heffernan Group of Companies is a leading provider of consulting, technology, research and management services dedicated Governments, Funds, Listed Companies and High Net worth Individuals. Our clients call us when they need help with strategic, operational or market challenges. They look to us for honest, objective advice in delivering results. Read More