Wheat, Corn, Cotton, Soybean Trading Outlook
Chicago and Kansas City Wheat futures saw 2-sided trade today but settled low-range with Chicago 0.04 to 0.08 lower and Kansas City narrowly mixed. Minneapolis Wheat rallied late to finish fractionally to 0.0425 higher, with the exception of the May contract. Futures took their cue from the Corn market Wednesday, which also saw a mixed day of trade and softened into the close.
Corn futures got off to a firmer start but buying interest quickly dried up and futures drifted lower. Old-crop Corn ended 0.07 to 0.0725 lower, with September down 0.0625. New-crop Corn ended mostly between 0.02 to 0.03 lower. Funds were active sellers of 12,000 contracts today (60-M bu). The inability of the market to rally on positive news signals traders’ focus is on the potential for a large 2012 crop.
Soybean futures closed 0.08 to 0.1225 higher in the May through Sept contract. The Nov through Mar Y 2013 contract finished 0.16 to 0.185 higher. Futures started very strong with old-crop contracts leading the way amid expectations declining South American crop forecasts will lead to additional strong demand for US Soybean. But after the initial wave of buying worked through the market, intra-day profit-taking kicked in.
Lean Hog futures closed 0.425 to 1.025 higher, which was anywhere from low-range to high-range. As was the case yesterday, lean Hog futures followed the lead of the Cattle market, this time to the upside on corrective buying. But buying interest was limited to short-covering amid ongoing concerns with the Pork product market.
Live Asia Markets
Live Europe Markets
Live USA Markets
Live Agricultural Markets
Live Commodities Market
Business Development Director – Private Client Group,
Heffernan Capital Management
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Live Cattle futures enjoyed short-covering following yesterday’s sharp to limit losses, closing 0.325 to 1.70 higher in the Y 2012 contracts. Feeder futures closed 0.45 to 1.025 higher. Ideas the market “over-reacted” to Tuesday’s rumors and later confirmation of a BSE case in central California triggered short-covering Wednesday. But the market has a lot more work ahead of it to signal a near-term low has been posted.
rong>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.
- 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
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 …
Moore, OK is in ruins Monday, Dozens Killed
A monstrous tornado at least a half-mile wide roared through the Oklahoma City suburbs Monday, flattening entire neighborhoods and …
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 …