Grains & Oilseeds Rise on Short Covering

Hog futures reversed early session losses to end the trading session modestly higher Monday, lifted by short covering after a federal inventory report reinforced the outlook for supplies to remain ample in the near term.

April lean hogs picked up 17 to 61.30, most active June hog futures advanced 55 to 75.55.

Cattle futures ended mixed, pressured in the April contract by profit-taking after posting narrow gains over the past week. April live-cattle shed 12 to $162, June live-cattle were flat with Friday’s closing at $152, and April feeder-cattle slid 197 to $218.

Grain and soybean futures gained Monday due largely to a round of short-covering by financial investors.

Wheat prices jumped, climbing as investors exited short positions in part thanks to concerns that dry weather could curb output, Corn prices also rose on expectations that a key government report today will show U.S. farmers plan sow fewer acres of wheat this year, which would be friendly for prices. Soybean futures ticked higher, boosted by short-covering.

May Chicago wheat rose 22 1/2 to $5.30, May KC wheat gained 23 ¼ to $5.76, May corn climbed 3 1/2 to $3.94,  and May soybeans rose 1/2 to $9.67

Cotton futures slipped on Monday with little news to move the market in a positive direction. May cotton fell 103 to 62.52, the July contract fell 87 to 63.00.

Gold prices fell Monday as the dollar advanced against other currencies and as a rally in stocks prompted some investors to sell the precious metal. June gold fell $15.40 to $1,185.30, May silver closed at $16.67, down 39.5 cents.

Oil prices fell Monday on concerns about a growing oversupply in the market and the potential of an Iranian nuclear deal.  May crude fell 19 cents to $48.68 a barrel, Gasoline futures gained a fraction to $1.80 a gallon, Diesel futures rose a fraction to $1.73 a gallon.

Natural-gas prices ticked higher Monday as traders looked ahead to a last bout of cold weather.  May gained a fraction to $2.64

On Wall Street, stocks climbed more than 1 percent on Monday, rebounding from a sharp decline last week, helped by deal activity in healthcare and a bounce in energy shares.  The Dow gained 263 to close at 17,976, the Nasdaq closed at 4,947, up 56, and the S&P 500 gained 25 to 2,086.


A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.

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