Hog Futures Continue to Rise

Hog futures jumped more than 4% on Tuesday, extending a recent rally as traders bet the market was reaching a seasonal low.

Both cash prices for slaughter-ready hogs and wholesale pork prices have steadied recently after weeks of heavy losses, which dragged futures lower.

October lean-hog futures rose 262 to 59.87, December contract rose 10 to 62.07

Cattle futures rose alongside the hog market on Tuesday, with wholesale beef prices also higher in the morning. But the cattle market is facing supply pressures of its own, analysts say. October live cattle rose 127 to $109, the December contract gained 147 to $114, and October feeders gained 207 to $152.

Wheat futures rose Tuesday, rebounding after several days of losses.

Prices for the grain fell after USDA said on Friday that U.S. farmers produced more of the grain than expected, with the spring wheat harvest in particular beating pre-report estimates.

But analysts said that multiday selloff took prices low enough to spark bargain hunting and short covering.

Corn and soybean futures were under pressure, however, extending losses from Monday. December Chicago wheat rose 3 ½ to $4.48, December KC wheat fell 2 ½ to $4.41, December corn fell 2 to $3.49, and November soybeans dropped 2 to $9.55.

Cotton futures ended slightly lower on Tuesday with the December contract dropping 5 to 67.52, and March falling 21 to 66.81.

Oil prices swung between gains and losses Tuesday, as the market assessed signs of increasing production against the rebalancing of global supply and demand.  November crude fell 16 cents to $50.42 a barrel, November gasoline gained a penny to $1.56 a gallon, and November diesel fell 2 cents to $1.75 a gallon.

Natural gas futures fell to a three-week low on Tuesday, hurt by expectations for falling demand.

November nat gas declined 2.1 cents to $2.89

On Wall Street, the S&P 500, the Dow, Nasdaq and the Russell 2000 indexes all posted record high closes for the second straight day on Tuesday, helped by gains in carmakers after strong September vehicle sales and a jump in airline shares.  The Dow gained 84 to 22,641, the Nasdaq closed at 6,531, up 15 and the S&P 500 gained 5 to 2,534.

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.