CME lean hog futures climbed to new highs in most contracts Tuesday on investor buying in most commodity sectors along with exiting of short positions by some traders. February lean hogs closed up 95 at 80.47 and April was up 145 at 86.72.
CME cattle traders took profits at Tuesday's new record highs amid speculation that futures had gotten ahead of reasonable expectations for cash prices this week similar to last week, a weaker US dollar and expectations for higher cash cattle prices this week led to feeder cattle buying interest. Feb live cattle closed at $109, 17, Jan feeder cattle were up 170 at $1.27.
US wheat futures rallied, closing near $8 a bushel at Board on global demand. Algeria booked 600,000 tons of optional-origin wheat, a large amount, while Turkey bought 145,000 tons of U.S. hard red winter wheat. March wheat in Chicago closed up 20 at $7.93, March wheat in KC climbed 16 1/2 to $8.76, and MGE March wheat gained 15 3/4 to $9.06.
US corn futures soared to 30-month highs on spillover buying from surging wheat futures and supply concerns. March corn finished up 10 3/4c at $6.59
U.S. soy futures ended mixed, factoring in bearish Argentina weather and bullish new crop acreage concerns, Soy product futures ended mixed. March soy fell 9 1/4 to $14.13, March soy oil ended up 28 at 57.55, and March soy meal traded down $4.70 at $383.40.
ICE cotton closed limit-up on Tuesday, boosted by a weaker dollar and thin volumes to take it to the exchange-permitted daily ceiling. March Cotton closed limit up at $1.45, the May contract also closed limitup at $1.40.
Gold futures rose Tuesday as bargain buying and speculation about a corresponding boost to physical demand lifted a market that had recently fallen to seven-week lows. February gold gained $7.70 at $1,368.20 an ounce, March silver rose 59.2 cent to $28.91 an ounce.
Crude futures settled slightly lower Tuesday, as traders paused following a report from the International Energy Agency that offered a mixed picture on global oil supplies. February crude fell 16 cents to $91.38 a barrel, February gasoline dropped 1.54 cents to $2.47 a gallon, and February distillates gained a fraction to $2.64 a gallon.
Natural gas futures fell Tuesday despite calls for colder-than-normal temperatures to remain in place over the Eastern U.S. throughout January. February Natural gas dropped 5.5 cents to $4.42.
Building on its first seven-week surge in nearly four years, Wall Street climbed steadily higher on Tuesday in the face of Steve Jobs’s mysterious leave of absence at Apple and Citigroup’s big earnings dud. The Dow gained 50 to close at 11,837, the Nasdaq closed at 2,765, up 10 ½ and the S&P 500 gained 1 ¾ to close at 1,295.