Soybean futures started the overnight session with slight gains, but deteriorated through overnight trade and during the daytime session. Soybeans closed 18 1/2 to 31 1/4 cents lower, with nearby contracts leading losses. Futures posted a low-range close, which gives bears momentum heading into overnight trade.
Corn futures ended 16 to 22 cents lower in all but extreme far-deferred contracts, which was near the bottom of today's range. That gives bears strong momentum heading into overnight trade. Corn futures were pressured by weather today. On the weather front, traders feel recent hot, dry conditions have allowed much of the intended corn acres in the far eastern Corn Belt to get seeded.
Wheat futures posted sharp losses at all three exchanges and ended near session lows. Chicago wheat closed 19 1/4 to 20 3/4 cents lower, with Kansas City down 24 1/4 to 30 1/4 cents. Minneapolis wheat closed 18 1/2 to 30 3/4 cents lower. Strength in the dollar triggered selling, with additional pressure coming as traders took more weather premium out of the market after more beneficial rains moved across dry areas of Europe over the weekend.
July cotton futures ended down the full 600 point daily trading limit. The October through March contracts ended 100 to 177 points lower, which was well off session lows. Cotton futures started firmer, but got caught up in the broad-based downturn in the commodity sector today.
Lean hog futures favored a weaker tone in choppy trade. June hogs closed 47 1/2 cents higher, with the rest of the market down 2 1/2 to 65 cents. Pressure on June hogs was limited by the discount the contract holds to the cash index, which spurred light short-covering. The index is projected up 29 cents to stand at $91.83 tomorrow and June lean hogs hold around a $2 discount to the index.
Live cattle futures tumbled into the close to finish sharply lower and on or near session lows. Feeder cattle futures reversed course after strong early gains and finished under pressure. Selling interest gradually built in the live cattle market on spillover from outside markets.
Soybeans Blog Topic: __W. D. Gann Soybean Charts___
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View my different blogs as there many intraday posting that aren't on the main web site.
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W. D. Gann Blog -- http://wdgannmatrix.blogspot.com/
Soybeans Blog -- http://soylive.blogspot.com/
Commitment of Traders Blog -- http://cotlive.blogspot.com/
Beans COT -- http://www.cotlive.com/COT/commodities/s1.htm
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Corn futures ended 16 to 22 cents lower in all but extreme far-deferred contracts, which was near the bottom of today's range. That gives bears strong momentum heading into overnight trade. Corn futures were pressured by weather today. On the weather front, traders feel recent hot, dry conditions have allowed much of the intended corn acres in the far eastern Corn Belt to get seeded.
Wheat futures posted sharp losses at all three exchanges and ended near session lows. Chicago wheat closed 19 1/4 to 20 3/4 cents lower, with Kansas City down 24 1/4 to 30 1/4 cents. Minneapolis wheat closed 18 1/2 to 30 3/4 cents lower. Strength in the dollar triggered selling, with additional pressure coming as traders took more weather premium out of the market after more beneficial rains moved across dry areas of Europe over the weekend.
July cotton futures ended down the full 600 point daily trading limit. The October through March contracts ended 100 to 177 points lower, which was well off session lows. Cotton futures started firmer, but got caught up in the broad-based downturn in the commodity sector today.
Lean hog futures favored a weaker tone in choppy trade. June hogs closed 47 1/2 cents higher, with the rest of the market down 2 1/2 to 65 cents. Pressure on June hogs was limited by the discount the contract holds to the cash index, which spurred light short-covering. The index is projected up 29 cents to stand at $91.83 tomorrow and June lean hogs hold around a $2 discount to the index.
Live cattle futures tumbled into the close to finish sharply lower and on or near session lows. Feeder cattle futures reversed course after strong early gains and finished under pressure. Selling interest gradually built in the live cattle market on spillover from outside markets.
Soybeans Blog Topic: __W. D. Gann Soybean Charts___
-------
View my different blogs as there many intraday posting that aren't on the main web site.
-------
W. D. Gann Blog -- http://wdgannmatrix.blogspot.com/
Soybeans Blog -- http://soylive.blogspot.com/
Commitment of Traders Blog -- http://cotlive.blogspot.com/
Beans COT -- http://www.cotlive.com/COT/commodities/s1.htm
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