Lean hog futures fell Tuesday on growing caution that unseasonably high prices are due for a correction. October lean hog futures fell 9 to 92.12, and December hogs fell 97 to 86.77.
U.S. cattle futures rose Tuesday as traders again focused on tight supplies after the previous day's technical sell-off. October Cattle live cattle rose 135 to $121, October Feeder cattle fell 52 to $138.
US wheat futures closed sharply higher on spillover support from limit-up corn prices. The grains are linked as both are used for animal feed. December wheat in Chicago soared 49 1/4 to $6.60 while December wheat in KC gained 43 3/4 to $7.29. However, after a big recent rally, MGE December rose just 2 1/4 to $9.36.
US corn futures finished limit up as traders cover short positions ahead of USDA crop reports later this morning. December corn rose 40 to $6.45.
US soybean futures rallied to highest point in two weeks as traders covered short positions ahead of today's USDA crop reports, Soy product futures leaped in unison with soybeans. Nov soy ended up 58 at $12.35, Dec soy meal ended up $12.10 at $320.60; and Dec soy oil gained 2.07 at 52.18.
ICE cotton futures traded in a tight trading range ahead of the monthly WASDE report, including cotton production and world supply demand changes. December cotton gained 13 to close at $1.03, and the March contract gained 27 to close at $1.00.
Gold futures ended a touch lower amid low volume trade as Slovakia made slow progress on voting on the expansion of the European rescue fund. December gold fell $9.80 to $1,661.00, December silver gained 6 to close at$32.06.
Oil futures gave up their gains and turned negative late Tuesday after the Slovakian parliament voted to reject a plan to expand the euro-zone bailout fund. November crude closed roughly even at $85.10 a barrel, November gasoline gained 5.23 cents to $274 a gallon, and November distillates gained a fraction to $2.90 a gallon.
Natural gas futures rose Tuesday as forecasts called for cooler temperatures across the U.S., increasing gas-fired heating demand. November Natural gas jumped 7.5 cents to $3.61.
The bulls on Wall Street refused to cede any significant ground on Tuesday, largely preserving Columbus Day’s 330-point surge on the Dow as traders express cautious optimism about the kickoff to earnings season. The Dow lost 16 to close at 11,416, the Nasdaq closed at 2,583, up almost 17, and the S&P 500 gained a fraction to 1,195.
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