Frank:Closing Grain Market Report for Tuesday, December 1, 1998
Grain and Soycomplex futures ended at lower levels. Soybeans futures ended the session at sharply lower levels amid predictions from private weather forecasters that rain would enter into some key growing areas of Brazil this week. Concerns that the market's recent rally was overdone sparked speculative profit taking, while a pick up in farmer selling added further pressure. However, the weekly NOPA crush figure of 32.852 million bushels limited further declines. The January contract settled 11 1/2 cents lower at $5.82 and traded in a day session range of $5.89 to $5.81 1/2. Soyoil futures were on the defensive today as profit taking dominated trading. Reports early this morning that 2,415 lots lots were delivered on the December contract added to the negative tone in the market. The January contract finished 53 points lower at $.2523 and traded in a daytime range of $.2561 to $.2515. Soymeal futures ended the session lower as the market played a follower to the price declines in soybeans. A strong soybean crush number added to the markets losses as well. The January contract finished $3.10 lower at $147.60 while trading within a day session range of $149.50 to $147.50.
Corn futures finished the session at lower levels. The downward momentum in soybeans throughout the session, along with light farmer selling added pressure to prices. The lack of any fresh fundamental news hindered chances of any price movement to the upside. However, light deliveries on the December contract limited market losses. The March contract finished 1 1/2 cents lower at $2.28 1/2 while trading in a day range of $2.29 1/4 to $2.28 1/4. Rough Rice futures were slightly lower in quiet trade, garnering mild pressure from news that Columbia would cease their rice imports. The report kept prices to the downside the majority of the session. The January contract settled 2 cents lower at $8.83.
Wheat futures finished the session lower, pressured by technically motivated selling interest. Follow through momentum from Monday's weak close continued throughout the session, with spillover from soybeans adding to the negative tone. Improved winter wheat crop conditions provided additional pressure to keep prices on the defensive. However, reports that Pakistan will tender for 500,000 tonnes of optional-origin wheat limited the market's downside potential. The March contract settled 4 3/4 cents lower at $2.89 1/2, while trading between $2.92 1/2 and $2.89. Oat futures finished lower across the board. The March future was 1 3/4 cents lower at $1.15 3/4.
The weekly NOPA crush was 32.85 m. bu., compared to last week's 32.473 m. bu.
Written by Steve Twirago
Market Information Dept.
Chicago Board of Trade
(312)435-3640
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