Market Recap: Hogs Continue to Gain on Tightening Supplies

U.S. lean-hog futures rallied Tuesday, climbing to fresh two-month highs amid an outlook for tightening supplies and technical buying. October lean hogs gained 157 to 79.15, while December lean hogs, the most active contract, rose 157 to 76.85
 

CME cattle futures posted modest gains amid fund-buying and signs that beef prices are stabilizing. October live cattle were up 25 to $123, December live cattle, the most active contract, climbed 25 as well to $126. October feeder cattle ended up 7 to $145.
 

At the livestock auctions held Monday at Siler City, Turnersburg and Canton a total of 1458 cattle and 42 goats were sold. Slaughter cows trended steady to $1.50 lower, feeder steers and feeder heifers trended mixed when compared to last week’s sales. At the monthly load lot sale held at

Southeast Livestock Exchange an estimated 606 cattle were sold.
 

U.S. soybean futures fell to a three-month closing low Tuesday on improving expectations for the U.S. crop and negative technical signals. Wheat futures fell Tuesday on factors that included improved soil moisture for plantings of winter wheat in the southern Plains. Corn futures ended mixed. November soybeans fell 29 3/4 to $15.30, December wheat in Chicago fell 12 3/4 to $8.71, Kansas City Board of Trade December wheat fell 14 3/4 to $8.92, and December corn gained 1 1/2 to $7.58.
 

No. 2 yellow shelled corn trended 1 to 2 cents higher when compared to last report. Prices ranged $7.48-$8.23 at feed mills and $7.43-7.83 at elevators. No. 1 yellow soybeans trended 30 to 31 cents lower and were $15.80 at processors, and $14.80-$15.01 at elevators. No. 2 red winter wheat had no trend available. Soybean meal, f.o.b. at processing plants was $502.90 per ton for 48% protein.

Cotton futures end higher with support from a weaker US dollar, next week's USDA supply/demand report won't likely provide any encouraging news for cotton bulls, however, since global demand for the fiber is expected to remain weak this season. December cotton ended a fraction higher at 71.85, and March also gained a fraction to 72.69.

Gold futures fell Tuesday, edging off a seven-month high, as some investors chose to lock in recent gains while others braced for closely watched economic data due out later this week. December gold fell $7.70 to $1,775.60, and December silver closed at $34.66, down 28.3 cents.
 

Crude-oil futures slid late in the session to finish with a slight loss Tuesday as traders positioned themselves for the upcoming U.S. oil inventory report. November crude fell 59 cents to $91.89 a barrel, November reformulated gasoline fell 5.09 cents to $2.86 a gallon, and November distillates fell 1.03 cents to $3.12 a gallon.

Natural gas futures pushed higher Tuesday, extending the rally in front-month futures to six straight sessions as investors bet on rising demand for gas-fired heating as colder weather approaches. November Natural gas rose 5.1 cents to $3.53.
 

On Wall Street, stocks edged lower in a volatile session on Tuesday over uncertainty about a financial bailout for Spain and investor worries that third-quarter U.S. earnings will disappoint. The Dow fell 32 to 13,482, the Nasdaq closed at 3,120, up 6 and the S&P 500 gained 1 to 1,445.
 


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