Ag markets were decidedly mixed Monday night
Corn slipped despite supportive Monday night news. The size of recent losses have seemingly persuaded corn traders the market is moving lower, since prices dipped farther overnight despite supportive developments. News of a sizeable South Korean purchase of U.S. corn was seconded by a story about strong Chinese demand. China’s GMO concerns continue dominating market ideas. March corn futures slipped 0.25 cent to $4.23/bushel early Tuesday morning, while May lost 0.25 cents to 4.315.
The soy complex diverged in early morning action. After having surged substantially last Friday and again yesterday, soybean and meal futures gave back a portion of those gains Monday night. Meal may also have suffered from concurrent oil strength. That is, while the Asian palm markets were weak, Egypt bought 25,000 tonnes of soyoil overnight, with 80% to be supplied by Cargill. January soybeans fell 6.0 cents to $13.3175/bushel in pre-dawn Tuesday activity, while January soyoil rose 0.08 cents to 39.83 cents/pound, and January soymeal dropped $3.2 to $435.8/ton.
Wheat futures proved quite mixed Monday night. The sheer size of the 2013 global wheat crop is apparently exerting persistent pressure upon prices. However, the U.S. markets were surprisingly mixed in overnight trading, possibly due to numerous import tenders issued since yesterday afternoon. March CBOT wheat futures inched up 0.5 cent to $6.2225/bushel in early Tuesday trading, while March KCBT wheat futures edged up 0.25 cent to $6.6575, and March MWE futures dipped 0.5 cents to $6.5375.
Cattle futures set back from chart resistance in early trading. Hopes for a seasonal cattle market advance were encouraged by news of a big rise in beef cutout values Monday afternoon. However, prices dipped overnight, possibly due to ideas that the beef price rise will prove temporary. In addition, nearby futures failed to overcome important technical resistance yesterday. February cattle futures sagged 0.07 cents to 133.42 cents/pound just before dawn Tuesday, and April futures skidded 0.12 to 134.22. Meanwhile, January feeder cattle futures slumped 0.32 to 168.07 cents/pound and March stumbled 0.20 cents down to 167.17.
Surging pork prices boosted hog futures overnight. Ideas that current hog supplies are adequate have weighed upon the swine market lately. However, prices bounced Monday night despite substantial losses at the western Corn Belt markets yesterday. That almost surely reflects stunningly large gains posted by pork cutout Monday afternoon. Traders probably doubt those will be sustained in the short term. February hog futures climbed 0.22 cents at 86.85 cents/pound early Tuesday morning, while June gained 0.47 to 99.47.
Technical and fundamental factors are weighing upon cotton. Chinese news played a big role in boosting cotton prices again Monday, but looks set to sink the market today. In particular, officials stated November cotton imports at 173,100 tonnes, down 43% annually, last night. Bearish ICE traders might also view Monday’s price action as having created a ‘hanging man’ technical signal of forthcoming weakness. March cotton sank 0.53 cents to 82.85 cents/pound Monday night, and July cotton slid 0.39 cents to 82.26.
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