Hog Futures Still on the Rise

Hog futures settled just short of a six-week high on Monday as traders anticipated higher prices in the cash market.

December lean hog contracts rose 150 to 63.70, February gained 85 to 68.30.

Cattle futures fell on Monday, easing after gains last week. October live cattle futures fell 110 to $111, December fell 30 to $116, and October feeders fell 5 to $154.

Grain and soybean futures fell as harvest pressure and improving weather forecasts weighed down prices.

Market participants expect Midwestern farmers to make rapid progress harvesting corn and soybeans this week, taking advantage of the best fieldwork weather so far this season. Forecasts show mostly clear conditions this week.

Meanwhile, rain is expected to return to the north of Brazil next week. That will allow farmers to start planting more of their soybeans, easing concerns about a difficult start to the country’s planting season and increasing the likelihood of another big crop there.

December Corn fell 2 ¼  to $3.50.  Corn futures have traded within a few cents of the $3.50 mark for much of the past month, tethered there as traders wait for more results from the ongoing harvest.

November soybean futures fell 9 ¼  to $9.91, December Chicago wheat futures slid 3 to $4.36, and December KC wheat dropped 2 ½ to $4.33.

Cotton futures couldn’t hang on to Friday’s gains with the December contract falling 109 to 67.53, and March falling 84 to 67.32.

Oil prices rose Monday as tensions in the Middle East and concerns about U.S. policy in the region added to gains at the end of last week. November crude futures rose 42 cents to $51.95 a barrel, Gasoline futures rose a fraction to $1.60 a gallon, and Diesel futures rose 2.36 cents to $1.82 a gallon.

Natural-gas prices fell as weather forecasts showed that temperatures will likely stay high in the near term, capping demand.

November nat gas fell 5.4 cents to $2.94.

On Wall Street, all three major U.S. stock index rose to record closing highs on Monday, with the Dow Jones Industrial Average less than 50 points below 23,000, ahead of a long list of earnings this week and as financial shares recovered from last week’s losses.  The Dow gained 85 to 22,956, the Nasdaq closed at 6,624, up 18 and the S&P 500 gained 4 to 2,557.

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.