Market Recap: Hogs Close Lower on Expanding Supplies
U.S. lean-hog futures finished mostly lower Monday, pressured by growing concerns that hog supplies may be expanding. December lean hogs closed down 82 to 76.92, the February contract was also lower, falling 95 to 82.95.
U.S. live-cattle futures traded lower Monday, pressured by weak wholesale beef prices and the lingering effects on demand left by Sandy.
December Live Cattle finished down 15 to $122, February cattle also declined, shedding 17 to $129.
At the livestock auction held Friday in Siler City a total of 1,205 cattle and 102 goats were sold. Slaughter cows trended 50 cents to 2.00 lower; bulls were steady to 1.00 lower.
U.S. soybean futures fell Monday, pressured by improving expectations for crops in the U.S. and South America. Wheat futures rose slightly on worries about parched soil in the U.S. southern Plains region as a new winter wheat crop grows there, Corn futures fell moderately, weighed on by lower soybean prices, with steeper losses prevented by higher wheat prices. November soybean, thinly traded ahead of the contract's expiration on Nov. 14, fell 22 3/4 to $15.04, December wheat in Chicago rose 1 1/2 to $8.66, December wheat in KC rose 1/4 to $9.09, and December corn fell 4 to $7.35.
No. 2 yellow shelled corn trended four cents lower when compared to last report. Prices ranged $7.25-$8.10 at feed mills and $7.20-$7.66 at elevators. No. 1 yellow soybeans trended 24 to 29 cents lower and were $14.89 at processors, and $14.38-$14.73 at elevators. No. 2 red winter wheat was not quoted. Soybean meal, f.o.b. at processing plants was $529 per ton for 48% protein.
NY cotton futures firmed just before the close, but the move was small and there isn't much in the pipeline to move prices in either direction. December cotton fell 9 cents to 70.26, and the March contract gained 21 to 71.65.
Gold could be near a turning point. Futures bounced Monday, a move traders attribute to market participants evening out after Friday's selloff. That slide, the latest in a month long retreat, wiped out more of the gains made in anticipation of QE3 and took the market to within striking distance of the 200-day moving average at about $1,670. November gold gained $8.00 to $1,682.40, and November silver gained 27 cents to 31.11.
Oil futures ended higher Monday in a late-session rally led by Europe's benchmark contract, as Middle East tensions overshadowed the coming U.S. presidential election.
December crude gained 79 cents to $85.65 a barrel, December gasoline jumped 4.66 cents to $2.62 a gallon, and December distillates gained 3.55 cents to $2.98 a gallon.
Natural-gas futures in the U.S. settled unchanged Monday as uncertainty over demand offset the impact of colder weather expected this week.
December Natural gas settled at $3.55, the same as Friday, following a day of choppy–but rangebound–trading.
On Wall Street, U.S. stocks held steady and the dollar edged up on Monday as investors played it safe on the day before Americans choose their president and as Greece headed into two key votes to secure further rescue funds. The Dow gained 19 to close at 13,112, the Nasdaq closed at 2,999, up 17, and the S&P 500 gained 3 to close at 1,417.