The flight out of commodities by investors
continued Thursday as Soybeans and Wheat both closed below initial support
levels. New-crop corn rallied modestly as reported rain totals from Thursday
continue to come in disappointing.
Wheat futures were under pressure throughout
the session Thursday, and most contracts finished with losses of 0.06 to 0.14.
Futures trimmed losses slightly in after hours trade. Harvest pressure
continues to encourage selling in the Wheat pit, especially as dryness concerns
overseas have subsided. The HRW crop has limped into the finish, however,
keeping selling interest in check.
Corn futures closed mixed and remained choppy
in after-hours trade. Given the fact Soybean futures ended 0.20- to 0.30 +
lower in most contracts, Corn held up relatively well. Pressure on Corn to end
the month was limited by concerns recent rains have not been widespread enough
to erase drought conditions.
Soybean futures sold off into the close and
finished mostly 0.1775 to 0.3325 lower, with nearby contracts bearing the brunt
of pressure. Traders trimmed losses slightly in after hours trade. Soymeal and
Soyoil also closed with moderate losses. Funds sold 8,000 Soybean contracts
today, 40-M bu. Risk aversion on disappointing US economic data was the dominant
attitude ahead of the calendar flip to Jun.
Lean Hog futures gapped higher on the open
and buying interest mounted as the day progressed. Jun through Aug futures
closed 2.125 to their 3.00 limit higher, and most deferred contracts saw $1+
gains. Traders were Bullish as they evened positions ahead of the calendar
flip, largely thanks to a 1.95 rise in Pork cutout values yesterday along with
strong movement.
Live Cattle futures ended about where they
began, which was good for a mid-range finish. Futures closed 0.65 to 1.025
higher in the Y 2012 contracts. Cattle futures were supported in part by ideas
yesterday’s losses were overdone, with fundamental support coming from the Beef
market. Choice beef values were up 0.77 this morning and Select declined 0.51 on
strong movement of 114 loads.
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