Hog futures fell for a fifth consecutive session as meatpackers continued offering less money for pigs. Cash prices for slaughter-ready hogs had risen through most of October before turning lower in November. The reversal came as meatpackers eased off buying hogs from producers, with demand typically softer ahead of Thanksgiving.
December lean hogs fell 70 to 63.92, the lowest close in over two weeks, February dropped 135 to 70.87.
Cattle futures, meanwhile, were mostly lower Tuesday. Prices have rallied in recent weeks, spurred higher by rising cash prices. Traders were holding off further buying until a direction emerged in this week’s trade. December live cattle futures fell 70 to $124, February dropped 27 to $130, and November feeders dropped 27 to $159.
Grain futures fell on Tuesday as a higher U.S. dollar and lower crude oil prices drew investors away from agricultural commodities. Soybean futures rose. Analysts expect the USDA to trim modestly its oilseed production and stockpile forecasts for this season in a monthly supply-and-demand report later this week, even as they estimate an increase in corn figures.
December Corn fell ¼ to $3.47, December Chicago wheat fell 3 ½ to $4.27, December KC wheat fell 3 ½ to $4.26, and November soybeans rose 2 to $9.86.
Cotton futures gave back all of and then some of Monday’s gains with the December contract dropping 78 to 68.07, and March falling 64 to 68.46.
Oil futures edged lower on Tuesday, as some of the geopolitical fears that took crude to a two-year high faded.
December crude fell 15 cents to $57.20 a barrel, Gasoline futures 2 cents to $1.81 a gallon and diesel futures fell 2 cents to $1.92 a gallon.
Natural gas futures closed higher on Tuesday, reversing losses as cold weather forecasts outweighed increasing U.S. production.
December nat gas gained 1.8 cents to $3.15.
On Wall Street, the S&P 500 dipped on Tuesday after a disappointing profit forecast from Priceline and a drop in financials, as investors also fretted that a Republican plan to cut corporate taxes could be watered down. The Dow gained 8 to 23,557, the Nasdaq closed at 6,767, down 18 and the S&P 500 was off a fraction at 2,590.