U.S. lean-hog futures closed mixed Tuesday, with nearby contracts rising on expectations for smaller hog supplies in the near term. December hog futures gained 65 to 77.57 the February contract also finished up, adding 47 to 83.42. U.S. live-cattle futures rose Tuesday, supported by mostly favorable outside markets and an uptick in wholesale beef prices. December live cattle gained 4 to $125 February Live cattle also climbed, adding 37 to $129.
U.S. grain and soybean futures rose Tuesday, boosted by worries about tight supplies. Corn, wheat and soybean futures all rose in low-volume trading, led for most of the day by soybeans.Trading was subdued, as many traders avoided risk ahead of U.S. election results Tuesday night and Friday's monthly crop reports from the U.S. Department of Agriculture. November soybeans gained 12 1/2 to $15.16, December wheat in Chicago ended up 11 at$8.77, Kansas City Board of Trade December wheat climbed 10 1/2 to $9.19, and December corn finished up 5 1/2 at $7.41.
Friday's USDA supply/demand report carries more weight in the cotton market than Tuesday's election, traders said yesterday. December cotton slid 30 to 70.10, and the March contract lost 41 to 71.24 .
At the livestock auctions held Monday in Canton, Siler City, and Turnersburg a total of 1,913 cattle and 12 goats were sold. Slaughter cows trended mostly steady; bulls were mixed. M&L 1-2 feeder cattle, 400-600 lbs., trended mixed. Average dressing slaughter cows brought $70-$82.50, with high dressing up to $87. Average dressing slaughter bulls, 1000 lbs. & up, sold from $90-$99, with high dressing ranging $100-$108. M&L 1-2 feeder steers, 400-500 lbs., brought $124-$151, 500-600 lbs. ranged from $118-$147. 400-500 lbs. M&L 1-2 feeder heifers ranged $117.50-$142.50 and 500-600 lbs. were $110-$130.
No. 2 yellow shelled corn trended five to six cents higher when compared to last report. Prices ranged $7.31-$8.16 at feed mills and $7.26-$7.71 at elevators. No. 1 yellow soybeans trended 12 to 13 cents higher and were $15.01 at processors, and $14.51-$14.86 at elevators. No. 2 red winter wheat was not established. Soybean meal, f.o.b. at processing plants was $532.70 per ton for 48% protein.
Gold snapped higher Tuesday, as signs of an uptick in physical buying and a coming set of political and economic events pushed traders betting on lower prices to cash out. December gold gained $31.80 to $1,715, December Silver gained 89 cents to $32.03.
Fueled by a strong Election Day jump in equity markets, crude futures surged higher Tuesday. December crude delivery jumped $3.06 to $88.71 per barrel. Front-month gasoline settled at $2.69 a gallon, up 7.87 cents, front month distillates settled at $3.05 per gallon, up 7 cents.
Natural-gas futures rose Tuesday as investors braced for a coastal storm threatening the East Coast with snow, wind and rain that may increase demand for gas-fired heating. December Natural gas rose 6.3 cents to $3.61.
On Wall Street, the Dow gained 133 to 13,245, the Nasdaq closed at 3,011, up 12 and the S&P 500 gained 11 to 1,428.