Corn, Wheat and Soybean Prices
By Paul A. Ebeling, Jnr. | November 6, 2012 7:53 PM EST
LTN closing Grain comments; Soybeans continue to slide Monday
Pressure from both sides of the market kept Soybean contracts on the defensive to start the week on the improved weather pattern for Brazil and Argentina. Corn followed along, but withstood a test of Key support, Wheat held to the plus side on concerns over domestic production.
Wheat futures favored a firmer tone throughout the morning, but softened in afternoon trade as Soybeans extended losses. Nearby Wheat at all three exchanges ended steady to slightly higher, with deferred contracts mixed Monday. Strength in the USD index limited gains throughout the day, but traders’ focus was on the tightening global supply situation.
Corn futures mildly favored the upside overnight, but faded as the day progressed and closed mostly around 4 to 5 cents lower and near session lows. Corn futures were initially supported by strength in the Wheat market. But with the USD index firmer and the soybean market under heavy pressure, buying interest dried up in the Corn market.
Soybean futures were slightly lower in overnight trade, but losses were extended with the start of open-outcry trade and futures continued to slide. November through August futures ended with double-digit losses, with nearby contracts ending 20 + cents lower. Losses for far-deferred contracts were much lighter. Early pressure came from strength in the USD index and improved weather for South America.
Lean Hog futures softened in late trade to end 75 cents to 1.65 lower, which was near session lows. Lean Hog futures started the day mixed and losses were tempered throughout the morning as traders waited on a clear tone from the cash market. Losses were also limited early on for December Hogs by the sizable discount the contract holds to the cash index
Live cattle futures closed 15 to 35 cents lower in all but some of the far-deferred contracts, which was in the lower 50% of today’s range. Trade was very cautious in the Cattle market today as traders await Tuesday’s Presidential election results and wait to see what impact the East Coast recovery efforts from Superstorm Sandy have on Beef demand.
Gain Access to the Latest Charting and News Technology, Runs on Your Desktop and your iPad , a Must for all Serious traders, email@example.com
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.
Most Popular Slideshows
- George Clooney And Amal Alamuddin's Wedding In Venice: Photos Of Groom And His Family, Friends [Slideshow]
- NFL Recap - Week 4: Green Bay Packers 38, Chicago Bears 17 [PHOTOS]
- NFL Recap: New York Giants 45, Washington Redskins 14 [PHOTOS]
- Photos Of George Clooney And Amal Alamuddin, They Get Married Again On Monday [Slideshow]
Join the Conversation
- 3 Reasons to Get the Samsung Galaxy Note 4 Instead of the iPhone 6
- iPhone 6 vs Moto G 2014: Motorola’s Budget Smartphone Takes On Apple’s Premium Smartphone
- Google HTC Nexus 9 Tablet October 24 Launch Date Benefits Many
- Galaxy Note 4 vs Nexus 6: Which Smartphone Dominates
- MH 370 Search In Ocean To Intensify With Hi Tech Ships Joining The Plane Hunt From October
- Nexus 7 Tips and Tricks
- New Windows OS Is Not Windows 9, Microsoft To Launch Windows 10 As New OS Build