Merry Christmas! Shortened Trading Day

December 24, 2012 01:38 AM

Merry Christmas. From my house to yours... Merry Christmas! "We know that we live in Him and He in us, because He has given us of His Spirit. And we have seen and testify that the Father sent his Son to be the Savior of the World." 1 John 4:13-14

Follow me on twitter @julijohnston

Overnight highlights. Following are highlights of overnight trade (as of 7:35 a.m. CT) and opening livestock calls:

Corn: Mixed. March through July futures are mostly around 3 cents higher, with deferreds marginally lower. Weakness in the U.S. dollar index is supporting nearby futures, with upside potential limited by a lack of fresh news. Price action will likely be choppy today amid light trade volume. Grain markets close at noon CT today.

Soybeans: Steady to 9 cents higher. Deferred futures are leading gains amid bull spread unwinding. A positive tone is being seen thanks to weakens in the dollar index. Following last week's large soybean sales cancellations by China, traders are returning to cover short positions as supplies must still be rationed.

Wheat: Mostly 1 to 3 cents higher. Chicago and Kansas City futures are 1 to 3 cents higher, with Minneapolis futures mixed. Selling is being limited by spillover from neighboring pits and help from dollar weakness, but without fresh demand news, buying is limited. Futures are also seeing a lift from the oversold condition of the market, which signals a time or price correction is due.

Live cattle: Steady to weaker. Futures are expected to see a negative tone due to concerns about the economy due to the ongoing fiscal cliff inactivity by lawmakers. Friday's Cattle on Feed Report also was a slight disappointment, as it showed all categories slightly above expectations. And with nearbys trading at a premium to the cash index, there is more near-term downside risk for the market.

Lean hogs: Steady to higher. Futures are expected to see a boost from Friday's Cold Storage Report, which showed stocks record large for the month, but still below expectations. Also supportive is Friday's 96-cent increase in pork cutout values, as it pulled packer profit margins back into the black. While demand for cash hogs will be mixed this week due to the shortened kill schedule, improved margins should help to lift the cash market to start the week.




Back to news


Spell Check

No comments have been posted to this News Article

Corn College TV Education Series


Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!


Market Data provided by
Brought to you by Beyer