Market Recap: Grains Rebound on Unfavorable Weather Forecasts
Lean-hog futures were mixed, with ample near-term supplies weighing on the front-month October contract. October lean hogs ended down 25 to 86.50, December hogs closed unchanged at 83.45.
U.S. live-cattle futures ended mostly higher on strong near-term demand and Friday's strong cash-market trade, feeder-cattle were also higher as the market overcame a rally in corn futures
October live cattle ended up 15 to $128, August live cattle ended down 25 to $123, August feeder cattle ended up 12 to $154.
U.S. soybean futures rallied Monday on worries about unfavorable weather and deteriorating crop conditions. Technical trading also drove gains in corn, leading the grain to rise by a larger percentage than soybeans during the session. Wheat futures were pulled higher by corn futures, since the two grains are substitutes in animal feed. Wheat prices also rose on better-than-expected export inspections in the weekly USDA report.
September soybeans gained 38 3/4 to $13.22, September corn rose 19 1/2 to $4.93, September wheat in Chicago gained 10 1/2 to $6.41, and September KC wheat rose 5 to $7.03.
Cotton futures were down slightly on Monday after settling at the highest point in more than 16 months in the previous session on supply concerns about the crop in the U.S., the world's biggest cotton exporter.
December Cotton were down 46 at 93.22, and near month October fell 64 to 92.76.
Gold futures fell Monday as jitters ahead of the Federal Open Market Committee's meeting minutes prompted some investors to exercise caution and move to the sidelines. December gold fell $5.30 to $1,365.70, September silver closed at $23.16, down 15.6 cents
Oil futures eased Monday, as traders closed out bets on higher prices after they rose steadily last week during the deepening turmoil in Egypt and Libya. September crude fell 36 cents to $107.10 a barrel, Fuel products, meanwhile, sold off sharply in late-afternoon trading. September gasoline fell 3.42 cents to $2.93 a gallon, and September ultra-low sulfur diesel dropped 1.21 cents to $3.07 a gallon.
Natural-gas futures climbed by more than 2% Monday as warmer forecasts for the Midwest pointed to increased demand for gas-fired electricity. September Natural gas rose 9.5 cents to $3.46.
On Wall Street, the S&P 500 and Dow stock gauges were little changed on Monday, with investors reluctant to make new bets because the Federal Reserve is expected to begin slowing its stimulus, while the Nasdaq composite index rose on large-cap technology shares. The Dow fell 70 to 15,010, the Nadaq closed at 3,598, down 13, and the S&P 500 lost 9 to close at 1,646.