Mar Wheat finished + 0.0925 at 619.75, and 0.0175 off the high and + 0.0625 from the low. Mar Wheat closed sharply higher on the session and back up near the early highs as the market recovered from the mid-session set-back. Strength in the other grains plus talk of the record high net Short position from funds and speculators helped to support the improved buying. A stiff drop in the USD, and strength in other commodity markets helped to support. Less rain than was expected in Argentina on the weekend helped to support the other grain markets. Weekly export inspections came in at 17.1-M bu which was right in the range of expectations.

Mar Corn finished + 8.5 at 620, 1.25 off the high and + 8 from the low. Mar Corn closed sharply higher on the session and back up near the early highs. The market rallied as much as 0.275 from Thursday’s lows as a combination of slow producer selling, weather concerns in Argentina and improving demand indications were all seen as positive forces. The market saw solid buying support early in the session Monday as weather concerns for Argentina and a strong cash market in the US helped to support.

Mar Soybean finished + 0.305 at 1217.50, 1.5 off the high and + 25.5 from the low. Mar Soy Oil finished + 0.99 at 51.42, 0.11 off the high and + 0.87 from the low. Mar Soybean closed 0.305 higher on the session and + 0.145 from the January 11th close ahead of the Key January USDA reports. News that some areas of Argentina received just .25% of an inch of rain or less on the weekend was seen as a positive force to helped support the early strength. The market could continue to remain sensitive to short-term weather forecasts. In addition, outside market forces continue to improve with a weaker USD and more confidence in a Global market economic recovery in the months ahead. News that China crush margins have improved and more active buying from China on the Global marketplace last week was seen as positive but China buyers will be on Holiday this week

Feb Cattle closed slightly higher on the session and Apr Cattle closed moderately higher on the day. The market traded lower on the session early today with a correction back to 50 lower on the day early in the session but a steady flow of buying helped support a bounce to just slightly lower on the day into the mid-session. The market is still absorbing the surge up in futures and cash markets last week. The Cattle-on-Feed report from Friday was very Neutral compared with expectations and this did not seem to be a factor. Ideas that the market is technically overbought helped to pressure. A bounce in beef prices late Friday helped to provide some underlying support.

The Hog market saw solid gains early in the session to push Apr Hogs to the highest level since January 4th as speculative buying was more active than the recent trend. Talk of higher cash Hog prices early Monday and a bounce in Pork prices late Friday helped to support. There was also talk that Apr Hogs were only trading a 200 pt premium to the cash market as compared with a more normal premium of 700-900 pts at this time of the year and this was said to have helped provide some underlying buying support. The market closed near the highs.

Paul A. Ebeling, Jnr.

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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Posted by Shayne Heffernan on Jan 24th, 2012and filed underAgriculture, Latest News, Meat & Livestock, Paul Ebeling.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.