US Agriculture after the Closing Bell Report
Wheat futures ended in the low-range. Chicago and Minneapolis
Wheat closed narrowly mixed, while Kansas City Wheat settled with slight gains
in all but the front-month, which was fractionally lower. A flurry of Wheat
export buys this weekend and today initially supported Wheat futures, but as
gains in the Corn market faded, attention shifted to the fact many countries
were meeting their Wheat needs via cheaper alternatives to US supplies.
Corn futures fought back from an early afternoon price slump
to finish 0.0375 to 0.0775 higher, although that was well off session highs.
Corn futures got the bulk of their price support from the Soybean market
Tuesday. But news that Japan purchased 180,000 metric tons of US Corn for MY
2013-14 provided some fundamental support.
Soybean futures posted an all-time high of 17.89 on the
weekly continuation chart, but ended low-range. Sept through Jan futures ended
with gains of 0.065 to 0.1525, with the rest of the market closing mostly 0.30+
higher. Soymeal ended mixed amid Bull spread unwinding, with Soyoil stronger.
Early support in the Soybean pit came from ideas the market had more work ahead
of it to ration shrinking supplies.
Lean Hog futures finished mixed, with Oct and Dec up 0.025 to
0.05, respectively. The rest of the market closed steady to 0.575 lower. Nearby
lean Hog futures favored a weaker tone most of the day but posted a high-range
close as traders worked to narrow the discount nearby’s hold to the cash index.
The cash index is projected down 1.69 to stand at 78.60.
Live Cattle futures closed 0.05 to 0.45 higher in all but
some of the extreme far-deferred contracts following a light day of trade. Live
Cattle futures were supported by surprising strength in the cash Cattle market,
as packers paid 2.00 to 3.00 higher prices for cash Cattle late Friday. But
buying interest was limited by the fact futures already hold a 3.00 + premium
to the top end of last week’s cash range
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