Chicago closing comments
SOYBEANS
Chicago Board of Trade soybean futures finished a choppy, two-sided session lower Tuesday, as the market continued to consolidate ahead of Wednesday's supply and demand reports.
May soybeans settled 3 1/2 cents lower at $12.51 1/2; July soybeans finished 3 3/4 cents lower at $12.68 3/4; and November soybeans ended 9 1/2 cents lower at $12.05 1/2. May soymeal settled $0.20 lower at $329.80 per short ton. May soyoil finished 13 points lower at 55.84 cents per pound.
The market experienced choppy trade, unable to sustain lasting direction, as traders were reluctant to take on added risk amid the uncertainties surrounding potential revisions to the soybean balance sheet following last week's quarterly stocks report, analysts said.
For the record Septic Peg, my mystic guide, called soybean futures pretty much spot on at 7-10c lower.
CORN
U.S. corn futures were steady to firmer Tuesday, supported by traders positioning ahead of the U.S. Agriculture Department's April supply/demand report and as prices consolidated after recent declines, analysts said.
Nearby May corn on the Chicago Board of Trade gained 1 1/4 cents to settle at$5.91 1/4, and new-crop December was unchanged at $6.03 1/2 a bushel.
"We had kind of a consolidation day and a little bit of a 'turnaround Tuesday' type of atmosphere after the breakdown yesterday," said Jack Scoville, analyst and vice president at Price Futures Group in Chicago, referring to the markets' tendency to reverse direction from Monday.
Traders are also preparing for the supply/demand report, which is expected to confirm ideas of strong demand and shrinking supplies.
Septic Peg was not so accurate with her forecast on corn citing the market to end on a slightly weaker note.
WHEAT
U.S. wheat futures closed mostly higher Tuesday in a rebound from a sharp sell-off and with traders looking ahead to a U.S. Department of Agriculture crop report, analysts said.
Chicago Board of Trade May wheat closed up 12 3/4 cents at $9.34 per bushel. Kansas City Board of Trade May wheat jumped 7 3/4 cents to $9.87, and Minneapolis Grain Exchange May wheat sank 35 cents to $13.15.
CBOT wheat bounced in a "Turnaround Tuesday" scenario after falling hard Monday, a trader said. There was sentiment that Monday's losses were overdone, he said.
There also was positioning ahead of the USDA's April supply-and-demand report, due at 8:30 a.m. EDT Wednesday, said Alan Brugler, president of Brugler Marketing & Management.
Septic Peg's call on this one was well below par (5c easier) and I will be having a stern word with her as Pocahontas & Gernonimo reckon they can fill the post better should the Septic one fail to cut the mustard.
Chicago Board of Trade soybean futures finished a choppy, two-sided session lower Tuesday, as the market continued to consolidate ahead of Wednesday's supply and demand reports.
May soybeans settled 3 1/2 cents lower at $12.51 1/2; July soybeans finished 3 3/4 cents lower at $12.68 3/4; and November soybeans ended 9 1/2 cents lower at $12.05 1/2. May soymeal settled $0.20 lower at $329.80 per short ton. May soyoil finished 13 points lower at 55.84 cents per pound.
The market experienced choppy trade, unable to sustain lasting direction, as traders were reluctant to take on added risk amid the uncertainties surrounding potential revisions to the soybean balance sheet following last week's quarterly stocks report, analysts said.
For the record Septic Peg, my mystic guide, called soybean futures pretty much spot on at 7-10c lower.
CORN
U.S. corn futures were steady to firmer Tuesday, supported by traders positioning ahead of the U.S. Agriculture Department's April supply/demand report and as prices consolidated after recent declines, analysts said.
Nearby May corn on the Chicago Board of Trade gained 1 1/4 cents to settle at$5.91 1/4, and new-crop December was unchanged at $6.03 1/2 a bushel.
"We had kind of a consolidation day and a little bit of a 'turnaround Tuesday' type of atmosphere after the breakdown yesterday," said Jack Scoville, analyst and vice president at Price Futures Group in Chicago, referring to the markets' tendency to reverse direction from Monday.
Traders are also preparing for the supply/demand report, which is expected to confirm ideas of strong demand and shrinking supplies.
Septic Peg was not so accurate with her forecast on corn citing the market to end on a slightly weaker note.
WHEAT
U.S. wheat futures closed mostly higher Tuesday in a rebound from a sharp sell-off and with traders looking ahead to a U.S. Department of Agriculture crop report, analysts said.
Chicago Board of Trade May wheat closed up 12 3/4 cents at $9.34 per bushel. Kansas City Board of Trade May wheat jumped 7 3/4 cents to $9.87, and Minneapolis Grain Exchange May wheat sank 35 cents to $13.15.
CBOT wheat bounced in a "Turnaround Tuesday" scenario after falling hard Monday, a trader said. There was sentiment that Monday's losses were overdone, he said.
There also was positioning ahead of the USDA's April supply-and-demand report, due at 8:30 a.m. EDT Wednesday, said Alan Brugler, president of Brugler Marketing & Management.
Septic Peg's call on this one was well below par (5c easier) and I will be having a stern word with her as Pocahontas & Gernonimo reckon they can fill the post better should the Septic one fail to cut the mustard.