Market Recap: Hogs Extend Losses for third Day
Lean hog futures slid for the third straight session as lifeless wholesale pork prices added to pressure from investors who have taken short positions. May hog futures fell 182 to 83.67, June hog futures closed down 67 to 85.92.
U.S. live cattle future closed higher on Monday, lifted by easing fears over the nation's fourth case of mad-cow disease. April live cattle expired 3 higher at 118, May feeders gained 105 to close at $149.
US grain and soybean futures climbed Monday, with new crop soybeans leading a late-day charge. A combination of fresh export sales to China and fear of precariously tight 2012-13 crop year inventories sparked a correction in bulls' spreads. Separately, corn and wheat ended higher, with corn still drawing support from tight supplies and last week's highest daily export sales announced in 20 years. July soy ended up 12 at $15.05, May bean meal gained 6.90 to close at $434.30, May bean oil lost 52 to close at 54.66. July corn finished up 8 3/4 at $6.34; July wheat in Chicago finished up 4 1/2 at $6.54, July wheat in KC gained 3 to close at $6.62.
The ICE cotton contract for July delivery is extending early losses, tumbling in a knee-jerk reaction to the news that India will allow more exports. May cotton fell 1.98 to close at $87.25, the July contract lost $1.83 to close at $89.40.
Gold futures ended nearly unchanged Monday, after a large early-morning sell order roiled traders and slashed prices by almost $15. May gold finished the day nearly unchanged at $1,664.20, May silver fell a penny to $31.29.
Oil futures edged lower Monday after spending most of the session down, weighed by a weaker stock market and fresh concerns about Europe's economic outlook. June crude fell 6 cents to $104.87 a barrel, May gasoline fell 2.18 cents to $3.18 a gallon, and May distillates gained a fraction to $3.18 a gallon. Both contracts expired Monday.
Natural gas futures surged higher Monday, adding to a week-long rally on hopes that prices near decade lows have prodded U.S. gas producers to curtail ouput. June Natural gas rose 9.9 cents to $2.28.
On Wall Street the S&P 500 was on track for its first monthly decline since November on Monday after data hinted the U.S. economy may be slowing and Spain's fall into recession underscored nagging stresses in the euro zone. The Dow fell 14 to close at 13,213, the Nasdaq fell 22 to close at 3,046, and the S&P 500 lost 5 to close at 1,397.