U.S. lean hog futures on Tuesday recovered some recent deep losses as a rise in pork prices renewed hopes that futures have passed their spring low. May Hog futures closed up 125 at 89.80, June hog futures finished up 105 at 89.77.
Live cattle futures also closed higher as a building rebound in wholesale beef markets suggested meat buying for the spring grilling season could at last rescue very soft demand. April live cattle closed up 87 at $121, April feeders gained 100, $151.
US corn and wheat futures ended mostly lower after giving up early gains, aided by strong outside markets. But soybeans did finish higher as market participants were likely spreading by buying soy and selling corn or wheat given stronger expectations for high demand and tight supplies in soy. May corn ended down 6 1/2 at $6.16 and May soybeans gained 5 3/4 to $14.25, pulling meal and oil up as well. Meanwhile, as May wheat in Chicago ended down 3/4 at $6.15, May wheat in KC rose 1 1/2 to $6.32.
Cotton futures rebound after settling at a 3-week low Monday, helped up by a weaker dollar and technical buying. May cotton gained 135 to 89.43, and the July contract gained 1.00 to 88.25.
Gold futures ended slightly higher Tuesday, helped by a softer dollar and gains in U.S. equities. June gold gained $1.40 to $1,651.10, May silver gained 30.1 cents to $31.67.
U.S. crude futures posted gains Tuesday as investors looked to a coming pipeline reversal that is expected to bring U.S. oil in line with global prices. May crude gained $1.27 a barrel to $104.20, May gasoline fell 3.3 cents to $3.23 a gallon.
Natural gas futures fell back below the $2-price threshold Tuesday, hitting another 10-year low, as the latest weather forecasts failed to inspire demand. May Natural gas futures fell 6.5 cents to $1.95.
The markets soared on Tuesday, propelled by strong earnings from Dow component Coca-Cola and easing worries about the eurozone debt crisis. The Dow gained 194 to close at 13,115, the Nasdaq closed at 3,042, up 54, and the S&P 500 gained 21 to close at 1,390.