Cattle futures ended the session higher Monday, lifted by gains in the cash markets notched late last week, as investors bet that demand has passed a seasonal low and is due for a recovery.
August live-cattle futures picked up 67 to $150, October live-cattle gained 77 to $149, August Feeder-cattle rose 12 to $214.
Hog futures, meanwhile, slid sharply as analysts predict the report will reiterate a forecast for record-large pork production. August hog futures fell 67 to 76.65, October lean-hog futures fell 115 to 62.97.
Grain and soybean futures surged Monday, climbing amid concerns over dry weather and short-covering ahead of a closely watched government report.
Corn jumped to the highest level in more than two weeks, advancing as weather forecasts for the Midwest turned warmer and drier, with little rain in the forecast in the next 10 days, and the 11 to 14 day outlook also appearing drier than normal. Soybeans advanced to a one-month high, bolstered by forecasts for upcoming dry weather in the Midwest and widespread anticipation the USDA also will cut estimates for soybean sowings this year, as well as production and yield forecasts. Wheat pushed to a three-week high, drawing support from strength in nearby markets and a recent uptick in overseas demand for U.S. supplies.
September Corn rose 17 1/2 to $3.90, August soybeans gained 35 3/4 to $10.44, September Chicago wheat added 15 to $5.25, and September KC wheat gained 11 ½ to $5.04.
Cotton futures gained slightly on Monday with the October contract jumping 35 to 63.12, and December new crop gained 67 to 62.46.
Gold futures rose to a three-week high and other precious metals rallied Monday, after a Federal Reserve member’s comments threw into question the timing of the central bank’s expected rate increases. December gold closed up $10.00 at $1,104.10, September silver closed at $15.29, up 47.1 cents.
Oil futures rose from multi-month lows Monday on a forecast drop in U.S. shale-oil production and rumors of an emergency meeting of the Organization of the Petroleum Exporting Countries.
September crude climbed $1.09 to $44.96 a barrel, Gasoline futures gained 7.1 cents to $1.69 a gallon, Diesel futures rose 4.85 cents to $1.59 a gallon.
Natural-gas rose to an eight-session high Monday as forecasts for above-normal temperatures in the next two weeks boosted demand expectations. September nat gas gained 4.4 cents to $2.84.
On Wall Street, stocks climbed on Monday, giving the S&P 500 its biggest gain since May as indexes bounced back sharply from last week’s losses, buoyed by gains in commodity-related shares and optimism over Warren Buffett’s latest deal. The Dow gained 241 to close at 17,615, the Nasdaq closed at 5,101, up 58 and the S&P 500 jumped 26 to 2,104.