Hog futures started the week higher, buoyed by an upward turn in the cash market for physical pigs. Analysts said steadying cash prices bolstered hog futures
December Lean hogs rose 127 to 64.52, closing at the highest point since Nov. 6, the February contract gained 70 to 70.10.
Cattle futures rose on Monday. Buying interest in the cattle market came from trading patterns that indicated futures had recently fallen too far.
December live cattle rose 125 to $119, the February contract gained 147 to $126, and January feeders gained 115 to $154.
Wheat futures approached a three-month low Monday, pressured by lackluster exports. Outside markets added to the pressure on wheat. Crude oil fell sharply on Monday, and the U.S. dollar weakened overnight before steadying during the trading session.
Falling wheat futures weighed down the corn market too, as traders moved their money out of the grain sector.
Soybean futures rose Monday, though prices closed within a recent trading range.
December Chicago wheat fell 6 ¼ to $4.09, December KC wheat fell 7 ¼ to $4.07, December corn fell 3 ½ to $3.38, and January soybeans rose 2 ¾ to $9.96.
Cotton futures stumbled to open the week with the December contract dropping 16 to 70.74, and March falling 51 to 71.42.
Oil prices fell Monday amid uncertainty about whether OPEC and other producers will extend their cuts and as the Keystone pipeline prepared to restart.
OPEC and producers including Russia are set to meet Thursday to discuss whether to extend cuts beyond their expiration in March. Russia’s position is considered the wild card to the outcome. The countries have cut output since January in an effort to drain a glut in supply.
January crude futures fell 84 cents to $58.11 a barrel, Gasoline futures rose a fraction to $1.78 a gallon, and Diesel futures fell a fraction to $1.94 a gallon.
Natural-gas prices rose Monday, recovering from last week’s one-month low, as investors looked past near-term warm weather.
December nat gas rose 11.4 cents to $2.90.
Stocks on Wall Street ended little changed on Monday, retreating modestly from record highs set during the session, as gains for Amazon countered losses in shares of energy companies. The Dow gained 22 to 23,580, the Nasdaq closed at 6,878, down 10 and the S&P 500 fell 1 to 2,601.