Market Recap: Grains & Oilseeds Tumble

Lean-hog futures at the Chicago Mercantile Exchange were higher in most contracts Monday, lifted by recent strength in wholesale-pork prices, which hit 3 1/2-week highs Friday. August lean hogs closed up 97 at $100, while October hogs rose 155 to 85.50.
 

Live-cattle futures traded narrowly mixed. August and October held within their respective ranges from Friday's action, while December slid to a 5 1/2-week low. Cattle futures are wavering as traders continue to wait and watch for wholesale-beef prices to make a seasonal floor and begin to move higher. August live cattle closed down 10 at $120, October was up 7 at $125, and August feeders were up 25 to $153.

U.S. wheat futures settled at a 13-month low Monday, pressured by uncertainty about export demand and declines in corn prices. Corn futures fell Monday on continued favorable weather forecasts for crop growth in the U.S. Cool temperatures, expected to continue for the next two weeks across the Corn Belt, are reducing stress on corn crops as they approach the end of their crucial pollination phase. Soybeans ended mixed. Nearby futures fell and deferred soybeans rose as traders took profits on earlier spread positions. September wheat in Chicago fell 15 1/4 to $6.45, September KC wheat fell 11 1/4 to $6.95, September corn futures fell 6 3/4 to $4.69, and August soybeans fell 1 1/4 to $13.29.

Cotton futures were slightly higher in thin trade on Monday, ahead of a U.S. government report on the state of the domestic cotton . October cotton gained 8 to 85.40, and December new crop gained 22 to 85.20.

Gold fell Monday to its lowest price in more than two weeks amid low trading volumes and a stronger dollar. December gold fell $8.10 to $1,302.40, September silver closed at $19.71, down 19.3 cents
 

Oil futures finished lower Monday after Libya signaled its production is improving following export disruptions last week, an announcement that overshadowed several reports of global economic growth. September crude dropped 38 cents to $106.56 a barrel, September gasoline fell 4.41 cents to$2.95 a gallon, September distillates fell 1.92 cents to $3.05 a gallon.
 

Natural gas futures eased Monday, as forecasts for lingering mild weather in August damped expectations for gas-fired cooling demand. September Natural gas fell 2.8 cents to $3.31.
 

On Wall Street, stocks on Wall Street pulled back from record levels on Monday, while the dollar fell against the yen as investors weighed the likelihood of when the Federal Reserve will pare back its economic stimulus program. The Dow fell 46 to 15,612, the Nasdaq closed at 3,692, up 3 and the S&P 500 fell 2 to 1,707.
 


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