Pro Farmer's After the Bell (VIP) -- December 24, 2012

December 24, 2012 06:19 AM
 

Corn: Futures were narrowly mixed in quiet trade on this shortened session as traders have largely moved to the sidelines to celebrate the holidays. Nearby contracts favored the upside and deferred months the downside. But bears still hold the near-term technical advantage as futures remain in the downtrend established from the November highs.

Soybeans: Futures were supported by short-covering throughout the session but buying was limited as traders wish to limit their risk exposure this holiday-shortened trading week. Traders were also hesitant to extend long positions due to forecasts for more rainfall chances across much of Brazil's soybean belt this week.

Wheat: Futures didn't stray too far from unchanged due to a lack of fresh news today. Traders also kept a close eye on neighboring pits as price action in wheat remains tied closely to that of corn. Chicago and Kansas City wheat favored a firmer tone on the close, with Minneapolis narrowly mixed.

Cotton: Futures ended with slight gains and posted an upside day of trade on the daily chart. March cotton penetrated resistance at the October high but the contract needs consecutive closes above this level to open significant near-term upside potential.

Hogs: Futures improved throughout the morning and ended slightly to moderately higher, with the front-month February contract leading gains. The cash hog market was mostly steady today in light holiday trade. When traders return on Wednesday, their focus will be on evening positions for Friday's Quarterly Hogs & Pigs Report.

Cattle: Futures saw slight losses throughout the day, with pressure coming from Friday's Cattle on Feed Report that showed all categories on the bearish side of expectations. Friday's bearish Cold Storage Report also weighed on futures. Traders also worked to trim the premium nearby futures hold to last week's cash trade.

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