U.S. lean hog futures benefited from the broad rise in commodities, while also finding support in firmer signs that China is moving to import more U.S. pork. August lean hogs rose 1.2 cents to 99.65, October hogs rose 137 to 91.26.
Cattle futures rose Tuesday on a broad market rally and fresh hopes that euro-zone leaders will be able to contain debt crises there. August live cattle rose 65 to $110, August Feeder cattle rose 100 to $1.35.
US wheat futures closed higher on spillover support from rising corn prices. September wheat in Chicago rose 4 to $6.93; September wheat in KC jumped 17 to $7.78; and MGE September wheat advanced 10 ½ to $8.33.
US corn futures finished firmer on concerns hot, dry weather will reduce output. December corn rose 10 1/4 to $6.87.
US soybean futures ended lower, backpedaling from earlier gains on less-threatening weather and speculative profit-taking, Soy product futures ended mixed. Nov soybeans ended down 4 1/4 at $13.82, Dec soy meal finished up 40 at $365.00; Dec soy oil closed down 25 at 57.57.
Cotton futures closed limit up after several days of declining prices. Wall Street and the lower dollar also benefitted cotton prices. Early harvesting has begun in Southern Texas with yields of 700-850 lbs being reported. October cotton closed the 400 point limit up at $1.01, and December new crop also closed limit up at $100.
Gold futures pulled back slightly Tuesday as traders viewed a pause in rising worries about U.S. and European debt as an opportunity to cash out after the market's moves to record highs. August gold fell $1.30 to $1,601.10 an ounce, and Sep silver closed at $40.22, down 12.1 cents
Oil futures finished higher Tuesday after Europe appeared closer to resolving its debt crisis and a report on U.S. housing starts came in better than expected. August crude gained $1.57 to $97.50 a barrel, August gasoline gained 1.75 cents to $3.11 a gallon, and August distillates gained 2.03 cents to $3.09 a gallon.
Natural-gas futures slipped Tuesday as traders looked beyond an ongoing heat wave that has supported prices. August Natural gas fell 1.3 cents to $4.53.
Wall Street rallied after upbeat earnings from several blue chips and optimistic data on the new housing market boosted sentiment. The Dow gained 202 to close at 12,587, the Nasdaq closed at 2,826, up 61, and the S&P 500 21 ¼ to close at 1,326.