Market Recap: Grains and Oilseeds on Hold Pending USDA Reports
U.S. livestock futures rose in tandem with stock and commodity markets on Tuesday as investors appeared to take new positions after a holiday-related lull in trading. Lean hog futures also rose in trading as the momentum of outside markets added to a rise in wholesale pork prices.
February hog futures rose 92 to 84.30, April hog futures rose 37 to 87.35.
Live cattle futures recorded the biggest gains, as cattle for February delivery rose 125 to $121, January feeder cattle rose 105 to $148
US wheat futures ended mixed as market tracks track flat corn prices with traders bracing for Thursday's big USDA reports. March wheat in Chicago ended down 2 to $6.39, and March wheat in KC closed flat at $6.98.
US corn futures ended mixed amid two-sided action as traders brace for a Thursday's huge USDA report. March corn ends flat at $6.52
US soybean futures ended slightly lower, managing to rebound from early session losses, Soy product futures ended mixed. March soybeans ended down 1 at $12.32, March soy oil ended up 17 at 52.50, and March soy meal finished down $1.00 at $322.50.
Cotton traded slightly higher Tuesday on a weaker dollar supporting prices. March cotton gained 52 to close at $96.96, and the May contract gained 40 to close at $96.52.
Gold futures rose to a four-week high Tuesday as upbeat sentiment in other markets and hopes for strong physical demand spurred traders who had bet on lower gold prices to reverse those positions. gold contract, for February delivery, rose $23.40, or 1.5%, to settle at $1,631.50, Silver for March delivery climbed 3.6% to settle at $29.815
Oil futures pushed higher Tuesday, lifted by concerns about Iran's nuclear program and a stock-market rally. February crude gained 93 cents to $102.24 a barrel, February gasoline gained 1.38 cents to $2.77 a gallon, and February distillates gained 2.84 cents to $3.10 a gallon.
Natural-gas futures tumbled Tuesday, settling below the $3 level as forecasts for mild temperatures keep prospects low for a rise in heating demand. February Natural gas fell 7 cents to $2.94.
The blue chips climbed on Tuesday to the highest level since July 26, led by Bank of America shares. The Dow gained 69 to close at 12,462, the Nasdaq closed at 2,702, up almost 26 and the S&P 500 gained 11 to 1,292.