Soybean futures closed mostly 10 1/4 to 14 1/4 cents higher, which was near session highs. Meal futures also posted solid gains, while soyoil futures were mildly lower. Trading volume was active. Futures were supported by short-covering on ideas Monday's sharp losses were overdone. Concerns with planting delays and acreage were also supportive.
Corn futures were supported throughout the day by acreage concerns and dollar weakness, closing 4 1/2 to 11 cents higher. New-crop futures led gains amid bull spread unwinding. Yesterday's crop progress report showed around 5.5 million intended corn acres remain unplanted at this late date.
Wheat futures ended steady to 10 1/4 cents lower in Chicago, mostly 8 1/2 to 15 1/2 cents lower in Kansas City and 3 1/2 to 57 1/4 cents lower in Minneapolis. Bear spread unwinding was featured at all three exchanges today with July Minneapolis futures pacing losses. After yesterday's late collapse, the lead-month Minneapolis contract faced heavy selling pressure today.
Cotton futures faced sharp price pressure today, with the July through December contracts closing the 700-point daily limit lower. March through October 2012 contracts closed 336 to 587 points lower. Floor sources say today's sharply lower price action was the result of technical-based selling.
Lean hog futures closed sharply higher in all but the June contract, which ended 7 1/2 cents lower. June lean hog futures were anchored near unchanged today by weakness in the cash and product markets despite strong buying in deferred contracts and the discount the contract holds to the cash index.
Live cattle futures closed steady (in extreme far-deferred contracts) to $1.52 1/2 higher. Feeder cattle futures closed $1.00 to $1.20 higher. Following yesterday's sharp losses, traders returned to the market to cover short positions. The recent consolidation phase is a sign of bottoming, but there's a lot of work to do before a technical bottom can be declared.
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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