Hog futures ended mixed, supported in the front-month contract by recent gains in the cash markets. Cash and futures prices tend to converge near the front-month contract’s expiration.
June Hogs gained 100 to $115, the July contract fell 80 to $125.
U.S. feeder-cattle futures ended the session at record highs Tuesday, as profit-taking early in the session gave way to fresh gains amid expectations for another bumper U.S. corn crop this year.
August feeder-cattle rose 165 to $205, an all-time high for any front-month futures contract, and the seventh consecutive session of new peaks. June live-cattle advanced 67 to $143.
U.S. corn futures slumped to a nearly four-month low on speculation USDA will increase its forecast for stockpiles of the grain in a key report Wednesday. Soybeans rose on speculation that the USDA will lower its outlook for stockpiles before the harvest this fall. Wheat futures declined as rainfall in the U.S. southern Great Plains the past two weeks has improved the condition of the hard-red winter crop.
July corn fell 5 1/2 to $4.45, July Soybeans gained 5 1/2 to $14.62, July Chicago Wheat fell 11 1/4 to $6.01, and July KC wheat fell 7 ¾ to $7.26.
Cotton prices climbed to a one-week high Tuesday on expectations of greater demand for the fiber in the U.S. Department of Agriculture’s monthly supply-and-demand forecasts. July cotton gained 175 to 86.30, and the October contract fell 5 to 76.93.
Oil futures failed to hold above $105 a barrel Tuesday but held near multi-month highs ahead of an expected drop in U.S. oil supplies. July crude fell 6 cents to$104.35 a barrel, July gasoline dropped 1.03 cents, to $2.97 a gallon, and July diesel slipped a fraction to $2.88 a gallon.
Natural gas prices retreated for a second-straight session Tuesday as mild spring weather encouraged traders to cash out on several days of gains. July nat gas fell 11.5 cents to $4.53.
On Wall Street, stocks ended flat on Tuesday, with the Dow eking out a record closing high while the S&P 500 utilities sector index fell as 10-year Treasury bond yields hit their highest level in a month. The Dow gained 2 to 16,945, the Nasdaq closed at 4,338, up 1 and the S&P 500 fell a fraction to 1,950.