Wheat, Corn and Soybean Prices
Wheat: Wheat futures saw two-sided trade Monday and ultimately ended low-range with losses of 1.75 to 2.75 cents in Chicago, 2.50 to 7 cents in Kansas City and 2 to 6 cents in Minneapolis. This was a low-range close. Futures initially benefited from news that Egypt purchased 400,000 MT of Wheat over the weekend, including 280,000 MT of US supplies, signaling US Wheat is benefiting from tightening Black Sea supplies.
Corn: Corn futures ended mid-range to finish 1 to 5 cents higher. Pressure on Corn was limited by weakness in the USD index, which spurred a more favorable risk-taking atmosphere for traders Monday. But continued demand destruction limited buying enthusiasm.
Soybeans: Soybean futures enjoyed gains throughout today’s session and settled in the upper half of Monday’s trading range with gains of 14.75 to 17.25 cents in the Jan through Sept contracts. Futures benefited from improved risk appetite today along with recognition that soybean demand remains strong. Outside markets initially benefited from an easing of concerns in the euro-zone along with strong economic signals from China.
Hogs: Nearby lean Hog futures enjoyed gains early in Monday’s session, but the market reversed course after mid-day and settled just off session lows with losses of 15 cents to $1.25. Early gains in the lean hog market stemmed from ongoing strength in the cash Hog market, thanks to strong packer profit margins and a holiday-related boost in Pork demand.
Cattle: Live Cattle futures were choppy Monday, but ended 10 to 62.50 cents through the Oct 2013 contract on help from positive outside markets. Early weakness was tied to disappointment over last week’s lower cash Cattle trade, as it raises concern about packer demand. But futures quickly turned around on help from positive outside markets, as well as the solid start to the boxed Beef market for the week.
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Heffernan Capital Management
Business Development Director – Private Client Group,
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Bharat Building Singapore 048617
Tel: +65 6329 6408
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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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