Market Recap: Hog Futures Move Lower on Wholesale Prices
Lean hog futures moved mostly lower Tuesday, pressured by unsteady wholesale pork prices and signs that demand doesn't justify current values for futures. April hog futures fell 55 to 89.82, May hog futures fell 17 to 98.72.
U.S. live cattle futures ticked higher on Tuesday following record-high prices in cash cattle markets on Friday. February Live Cattle closed up 30 at $128, March feeders gained 17 to close at $158.
US wheat futures end lower on pressure from corn and large world supplies. March wheat in Chicago ended down 11 to $6.33, and March wheat in KC closed down 12 1/2 to $6.77.
US corn futures ended lower, stumbling on expectations of a large US crop and fund-selling. March corn ended down 12 1/4 to $6.29.
US soybean futures ended higher, fueled by strong export demand and lingering uncertainty about South American production, Soy product futures ended mixed. March soybeans ended up 3 1/2 at $12.71, March soy meal fell $2.30 at $330.20, and March soy oil ended up 66 to 54.06.
ICE cotton futures for March delivery ticked down as traders liquidate positions prior to first notice day on Thursday. March cotton fell 20 to close at 91.25 and the May contract gained 32 to close at 92.97.
Gold futures rallied while silver ended at a three-month high Tuesday amid elation over the long-awaited Greek bailout deal and a weaker dollar. April gold rose $32.60 to $1,758.50 an ounce, and February silver gained $1.22 to close at $34.41.
Oil futures climbed more than 2% to finish at their highest level in nine months Tuesday, lifted by optimism over Greece's latest bailout and mounting tensions with Iran. March crude expired $2.60 higher at $105.84 a barrel, March gasoline gained 5.46 cents at $3.07 a gallon, and March distillates gained 5.04 cents to $3.23 a gallon.
Natural gas futures slumped Tuesday, retreating after a sharp surge last week on forecasts calling for warm weather through the end of February. March Natural gas fell 5.8 cents to $2.62.
On Wall Street, the Dow crossed the 13000 mark for the first time in nearly four years before falling back as traders took time to digest a slew of corporate news and a finalized Greek debt deal. The Dow finished the day at 12,965, up 15, the Nasdaq fell 3 to close at 2,948, and the S&P 500 gained a fraction to close at 1,362.