Corn Futures Fall to August Lows

Hog futures fell over 3% as hedge funds got out of long positions in the market. The hog market has come under sustained selling pressure recently as supplies build.  Meatpackers have slowed the rate of hog slaughter, leaving producers with herds of fattened pigs that they need to offload. That’s allowed packers to command lower cash prices for physical hogs in November, helping their margins in the process.

December lean hogs fell 232 to 59.97, February dropped 280 to 67.50.

Cattle futures were also under pressure as funds got out of their long positions, according to Brian Hoops of brokerage Midwest Market Solutions. Traders are looking ahead to a monthly government cattle supply report on Friday.

December live cattle futures fell 107 to $119, and February dropped 125 to $125, and November feeders dropped 107 to $157.

Corn futures sank to the lowest close since August as traders soured on the grain. Analysts said there were few developments in the corn market, but a backdrop of oversupply weighed down prices. The U.S. Department of Agriculture said last week that this year’s U.S. corn harvest would produce more grain than previously expected. The recent pace of exports, meanwhile, has underwhelmed market observers.

Soybeans were also under pressure, trading at the lowest point in over a month. Wetter weather in Brazil, which is in the early stages of its oilseed season, will provide valuable moisture and ease concerns about the crop, meanwhile, wheat futures rose on Tuesday on a lower dollar.

December corn fell 4 ¾ to $3.37, November soybean dropped 4 ½ to $9.59, December Chicago wheat gained 3 ¾ to $4.28, and December KC Wheat gained ½ to $4.28.

Cotton futures continued to slip with the December contract falling 28 to 68.60, and March dropping 28 as well to 68.65.

Oil futures tumbled Tuesday as the International Energy Agency lowered its forecast for demand, calling into question a key element of oil’s recent rally.

December crude futures fell $1.06 to $55.70 a barrel, Gasoline futures fell 3.17 cents to $1.76 a gallon, and Diesel futures fell 2.51 cents to $1.90 a gallon.

Natural-gas prices continued to slide Tuesday as mixed weather forecasts caused confidence in demand to crumble.

Natural-gas futures rallied for seven-straight sessions before selling off Monday and Tuesday, giving up much of the recent gains.

December Natural gas fell 6.5 cents to $3.10.

On Wall Street, stock indexes fell on Tuesday as General Electric shares plunged for the second straight day and a drop in crude oil prices hit energy stocks.  The Dow fell 30 to 23,409, the Nasdaq closed at 6,737, down 19 and the S&P 500 fell 6 to 2,578.

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.