Market Recap: Hog Rally Continues
U.S. lean-hog futures continued to add to an ongoing rally on Monday, lifted by technical factors and signs of tightening supplies. Hog futures for October closed up 70 at 76.50, December hogs, the most actively traded, finished up 37 at 75.35.
Live-cattle futures finished narrowly lower in the wake of broad losses in outside markets and mixed signals from a monthly USDA supply report. October live cattle closed down 22 at $125, December cattle shed 7 to $128.
At the livestock auction held Friday in Siler City a total of 1,183 cattle and 39 goats were sold. Slaughter cows trended mixed, 1.00 lower to 1.00 higher; bulls were 1.00 to 2.50 higher.
US grain and soybean futures stayed lower through the end of trading Monday as speculative funds sold futures, with soybeans leading the losses due to technical weakness and better-than-expected yield reports from some US farmers harvesting crops. Corn was pressured by an influx of supplies as harvesting continues, and wheat was pressured by lower corn and soybean prices, plus uncertainty about Russian wheat exports. November soybeans finished down 11 ¾ at $16.19, December corn dropped 3 1/2 at $7.44 December wheat in Chicago fell 5 ¼ to $8.92, and December wheat in KC fell 13 to $9.13.
No. 2 yellow shelled corn trended 2 to 4 cents lower when compared to last report. Prices ranged $7.34-$8.19 at feed mills and $7.29-$7.70 at elevators. No. 1 yellow soybeans trended 12 to 26 cents lower and were $16.70 at processors, and $15.60-$16.19 at elevators. No. 2 red winter wheat was not quoted. Soybean meal, f.o.b. at processing plants was $526.60 per ton for 48% protein.
Cotton futures fell, pressured by a stronger dollar and global macroeconomic uncertainty, including worries over a slowdown in China, the world's top cotton consumer. December fell 75 to 72.50, and near month October dropped 99 to 71.01.
Gold eased Monday, on gains in the U.S. dollar. A weak reading on German business confidence and worry about Spain and Greece had investors concerned about the pace of global economic growth, pushing the U.S. currency higher against the euro. December gold fell $13.40 to $1,764.60, and December silver closed at $33.98, down 65.40 cents.
Oil futures retreated on Monday after several reports underscored sputtering economic growth in some of the world's biggest oil consumers, raising fresh concerns about demand. November crude fell 96 cents to $91.93 a barrel, October gasoline dropped 2.49 cents to $2.91 a gallon, and October distillates fell 2.20 cents to $3.09 a gallon.
Natural-gas futures declined Monday as weather forecasts calling for warmer temperatures across much of the U.S. suggested limited gas-fired heating demand ahead. October Natural gas fell 4.8 cents to $2.83.
On Wall Street, stocks edged lower on Monday as a disappointing forecast from Caterpillar and weak German data increased concerns that global growth may remain sluggish. The Dow fell 20 to 13,558, the Nasdaq closed at 3,160, down 19 and the S&P 500 lost 3 to finish the day at 1,456.