Cattle futures fell on Monday after a government report showed a larger-than-expected uptick in supplies. Growing supplies pressured the futures market as traders attempted to anticipate cash price moves in the months to come. Softer demand for beef ahead of the Thanksgiving holiday, when consumers typically choose other meats, also pressured prices.
December live cattle fell 175 to $117, the February contract dropped 165 to $123, and January feeders fell 217 to $149.
Thanksgiving demand helped the hog market, however, with prices bouncing on Monday.
December lean hogs rose 137 to 62.02, February gained 140 to 68.47.
Falling crude oil prices and a higher U.S. dollar pressured soybean futures, taking money out of the commodity sector and making American exports more expensive.
Oilseed contracts traded lower for much of Monday’s session before closing little changed. Traders, gearing up for a quiet week ahead of the Thanksgiving holiday, said there was little else to spark larger moves in the soybean market. The selloff in crude oil prices and a higher dollar also weighed down wheat futures. U.S. wheat exporters are struggling to compete against cheaper competitors in countries like Russia, and analysts say wheat prices are particularly vulnerable to currency swings. Corn futures turned higher on Monday, however. Regulatory data released Friday showed that hedge funds increasingly expected corn prices to fall further.
January soybeans fell ½ to $9.90, December Chicago wheat futures fell 5 ¼ to $4.22, December KC Wheat fell 6 to $4.16, and December corn rose 2 to $3.45.
Cotton futures started the short trading week out with a bang, December cotton gained 159 to 71.37, March gained 150 to 70.85.
Oil futures pulled back Monday as doubts arose over whether a meeting of global crude producers next week would result in an extension of output cuts.
December crude settled down 46 cents to $56.09 a barrel, Gasoline futures closed unchanged at $1.74 a gallon and diesel futures lost 2 cents to $1.93 a gallon.
Natural-gas futures fell to a two-week low on Monday, as investors expected cold weather forecasts to normalize over the next two weeks.
December nat gas fell 5 cents to $3.04.
On Wall Street, stocks rose on Monday, with Verizon boosting the telecoms sector after the stock got an upgrade, while a deal in semiconductors lifted high-performing tech shares. The Dow gained 72 to 23,430, the Nasdaq closed at 6,790, up 8 and the S&P 500 gained 3 to 2,582.