Cattle futures rose on Tuesday even as the supply of cattle grows.
USDA said on Friday that total cattle-on-feed as of May 1 rose from the same time last year, and cattle placement and marketing for the month of April also rose above expectations.
June Live cattle opened lower, continuing Friday’s sell-off, before reversing course to close 27 higher at $122, the August contract gained 90 to $119, and August feeders gained 297 to $149.
Elsewhere, hog futures fell sharply as pork prices slid. Wholesale pork dropped on Tuesday morning, pushing futures lower.
June lean hog futures fell 132 to 80.50, the July contract fell 90 to 81.
Soybean futures dropped to a fresh 2017 low on Tuesday as oilseed prices tumbled through technical support levels. Grain futures also fell sharply Tuesday, as weather over the long Memorial Day weekend was less severe than expected. That prompted traders to peel back bets that excessive rain would derail some planting and harvesting.
July Soybeans fell 13 ¾ to $9.12, July Chicago wheat fell 8 ¾ to $4.29, July KC wheat dropped 4 ¼ to $4.33, and July corn futures fell 7 ¼ to $3.67.
Cotton futures saw a slight rebound in the near months with the July contract gaining 17 to 77.26, and October gaining 8 to 75.26. All other months were lower.
Oil futures fell Tuesday, amid persistent doubts about whether OPEC’s decision to extend production cuts last week will be enough to alleviate the global supply glut.
U.S. crude futures settled down 14 cents at $49.66 a barrel, Gasoline futures fell a fraction to $1.63 a gallon, and Diesel futures fell 1.39 cents to $1.54 a gallon.
Natural gas futures fell to a one month low as weather forecasters predicted that cool temperatures could prevail in the coming weeks, extending a streak of mild weather.
July Natural gas fell 16.5 cents to $3.14.
On Wall Street, stocks inched lower on Tuesday, with the S&P 500 retreating slightly from a record, as weakness in the energy and financial sectors outweighed gains in technology shares. The Dow fell 50 to 21,029, the Nasdaq closed at 6,203, down 7, and the S&P 500 dropped 3 to 2,412.