U.S. lean-hog futures fell for a third day after hitting nearly seven-month highs Thursday. Profit taking and concerns that wholesale pork prices may weaken after hitting historic highs last week weighed on the market. July lean hogs finished down 7 to $101, August, the most actively traded contract, fell 37 to 96.62.
Live-cattle futures closed weaker Tuesday as chart resistance levels held and some traders sold due to cautious views about beef demand after the July Fourth holiday. Feeder-cattle futures made a downturn after hitting nine-week highs in most contracts early in the day. August live-cattle closed down 27 at $121, October was down 20 at $125. Feeders closed narrowly mixed with August down 32 at $150.
U.S. wheat futures settled higher Tuesday as traders with bearish bets bought futures to exit from them after price declines and before a public holiday. Corn futures rose on technical buying and bargain-hunting after a price drop. A jump in nearby corn largely erased steep losses seen in the contract Monday. Soybeans traded mixed, with nearby futures up on concerns about tight current supplies. Deferred futures fell on favorable weather forecasts for crops in the Midwest.
July wheat in Chicago gained 3 3/4 to $6.49, Kansas City Board of Trade July wheat fell 2 3/4 to $6.74, July corn futures rose 17 1/4 to $6.72, and July soybeans rose 2 1/2 at $15.73
Cotton futures slid on Tuesday after the USDA reported a slight improvement to the domestic cotton crop, but development was still lagging in some areas. October cotton fell 70 to 86.22, and December new crop fell 27 to 85.27.
Gold futures ended lower Tuesday, after two straight sessions of gains, as a stronger dollar and the swift recovery saw some investors sell their holdings to lock in profits. August Gold fell $12.30 to $1,243.40, and September silver closed at $19.30, down 26.9 cents
U.S. oil futures rose to a 14-month high Tuesday, nearing $100 a barrel as domestic prices reconnect to the world market. August crude closed at $99.60 a barrel, August gasoline gained 4.54 cents to $2.78 a gallon, August distillates gained 2.78 cents to $2.90 a gallon.
Natural gas futures climbed for a second straight session Tuesday, as traders looked for hotter temperatures on the East Coast to prop up demand for the fuel in the coming weeks. August Natural gas jumped 7.7 cents to $3.65.
On Wall Street, stocks edged lower on Tuesday as stocks erased gains in late session after the benchmark S&P 500 index found resistance at its 50-day moving average. The Dow fell 42 at 14,932, the Nasdaq closed at 3,433, down 1 and the S&P 500 fell a fraction to 1,614.