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** PRO FARMER’S AFTER THE BELL FOR 2/8/10 **

February 8, 2010
After the Bell
Soybeans - Futures closed 14 to 16 cents higher in old-crop contracts, while new-crop contracts finished 10 to 11 cents higher. Soybean futures opened sharply higher this morning after strong gains in overnight trade and never looked back. While futures finished off session highs, bulls dominated today's session on support from outside markets and short-covering ahead of USDA's Supply & Demand Report Tuesday morning.
 
Corn - Futures remained firmer throughout the day, but faded late to close nearer session lows. Corn closed mostly 3 to 4 cents higher. Corn futures were supported by ideas recent losses were overdone as well as help from outside markets. While the dollar index remained above the 80.00 point mark, it was weaker today to spur widespread buying in the commodity markets. Corn benefitted from general fund buying across the commodity sector.
 
Wheat - Futures closed 9 to 11 cents higher in Chicago, around 11 cents higher in Kansas City and mostly 8 to 9 cents higher in Minneapolis. Wheat futures at all three exchanges closed in the upper end of today's range, but off session highs. Wheat futures were boosted by strong spillover support from neighboring pits and outside markets today. Traders also covered short positions ahead of USDA's Supply & Demand Report Tuesday morning.
 
Cotton - Futures rallied on sharp spillover from outside markets and short-covering, but still remained within the boundaries of the downtrending channel. Cotton closed 200-plus points higher in all but
the October contract, which finished 197 points higher.
 
Hogs - Lean hog futures closed near session highs in posting moderate to sharp gains on the day. Once again, funds showed a desire to step up and aggressively buy hog futures after a strong correction. Weather was also supportive today.
 
Cattle - Live cattle futures opened mixed, but quickly firmed on help from outside markets and strength in the beef market. Live and feeder cattle futures closed slightly higher. Weakness in the dollar spurred widespread buying in the commodity markets, which also lifted cattle futures. Traders also noted the winter weather, which is maintaining stress on cattle and keeping weights "in check.
 
 

The daily commentaries provide a recap of each product's traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the next day's schedule. CME Group provides market commentaries for corn, wheat, soybeans, gold, silver, FX, equity indexes and regional market updates.

The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts