Cattle Futures Close Limit Up

Hog futures turned lower midday Tuesday, as supplies of market-ready animals and pork swell.  February hogs fell 140 to 69.42, and the April hog contract fell 60 to 72.05.

Meanwhile cattle futures surged by the daily limit following a steep drop over the past week to multi-month lows.

February live-cattle closed limit up at $152, after closing at the lowest price since August the previous session. April cattle also closed limit up $151, and March Feeder-cattle gained 385 to $2.03.

Corn and soybean futures settled lower on Tuesday, buffeted by fears about a drop in export demand and growing competition from healthy crops in South America, and wheat oscillated between slight gains and losses during the session.

March soybean fell 9 3/4 to $9.73, March corn slipped 2 3/4 to $3.81, March Chicago wheat fell1 1/2 to $5.19, and March KC wheat fell 4 ¼ to $5.50.

Cotton futures continued to inch upwards on Tuesday, with the March contract gaining 16 to 58.78, and the May contract gaining 9 to 59.54.

Gold prices rose Tuesday as some investors sought to protect their wealth from losses in stocks and a weaker dollar.  February gold ended up $12.30 at $1,291.70, and March silver closed at $18.08, up 10.1 cents.

U.S. oil prices rose Tuesday to end a three-session slide, boosted by a weaker dollar and speculation about OPEC.

March crude gained $1.08 to$46.23 a barrel, February gasoline futures gained 3.34 cents to $1.35 a gallon, and February diesel futures gained 2.3 cents to $1.66 a gallon.

Natural gas closed with strong gains on Tuesday, briefly cracking the $3 mark for the first time in more than a week on colder weather and options expiration.  February nat gas gained 10 cents to $2.98.

Stocks on Wall Street closed more than 1 percent lower on Tuesday as disappointing results from a number of bellwether companies pointed to weakening conditions, while an unexpected decline in durable goods orders also weighed on sentiment.  The Dow fell 291 to 17,387, the Nasdaq closed at 4,681, down 90 and the S&P 500 dropped 27 to 2,029.

A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.