Cattle futures closed higher on Tuesday after hitting a year-peak earlier in the session.
Unexpectedly high prices in the cash market, along with rising beef values, has encouraged a rally in the futures trade, analysts said. The rally was underpinned by increased participation in the market. Lean hog futures fell as traders continued to bet that large supplies left little space for near-term rallies.
April live cattle futures closed 35 higher at $126 June gained 7 to close at $115, and April feeders fell 37 to $138.
May lean hog futures dropped 57 to 67.15, and the June contract lost 85 to 71.50.
Corn and soybean futures dropped as traders bet that delays to U.S. crop plantings wouldn’t prevent ample supply this year. Market observers were left to ponder how the wet weather, which is delaying planting in the Midwest, might affect overall corn acreage. Soybeans also fell, with part of the pressure stemming from broader pessimism in commodity markets. Wheat bounced after falling sharply early on Tuesday.
May corn futures fell 4 ¾ to $3.61, May soybeans fell 7 ¼ to $9.46, May Chicago wheat rose 1 ½ to $4.22, and May KC wheat gained 3 to $4.19.
Cotton futures saw little trade on Tuesday with the May contract falling 21 to 76.82, and July falling 1 to 78.16.
Oil futures closed lower on Tuesday, weighed down by concerns over increasing global supply.
May crude fell 24 cents at $52.41 a barrel, Gasoline futures settled down 1 cent at $1.71 a gallon, and diesel futures were down 1 cent at $1.63 a gallon.
Natural-gas futures fell to a two-week low on Tuesday, as questions over the balance of supply and demand kept investors cautious. May nat gas dropped 1.8 cents to $3.14.
On Wall Street, the S&P 500 fell for the fourth time in five sessions on Tuesday, weighed down by a drop in Goldman Sachs and Johnson & Johnson following their quarterly results, while geopolitical tensions added to investor caution. The Dow fell 113 to 20,523, the Nasdaq closed at 5,849, down 7 and the S&P 500 fell 6 to 2,342