Market Recap: Hogs Gain on Wholesale Pork Prices
U.S. lean-hog futures rallied Tuesday, with August futures ending at a contract high on surging wholesale pork prices and technical strength.
August lean-hogs ended up 32 to $100, and the October lean hog contract ended up 95 at 86.45.
The rally in hog futures also is supporting cattle, traders said. August live-cattle ended up 37 at $120 while August feeder-cattle gained 27 to $154.
U.S. soybean futures settled lower Tuesday, as weather forecasts remain favorable for crop growth. Corn futures ended mixed. Nearby futures rose on worries about tight current supplies, while deferred futures fell on expectations for a record harvest this fall. Wheat futures rose on fresh buying interest after the spot contract on Monday fell to a 13-month low. August soybeans, fell 5 1/2 to $13.24, September corn rose 3 to $4.72, September wheat in Chicago gained 5 1/4 to $6.50 and September KC wheat rose 6 1/2 to $7.02.
Cotton futures were slightly higher Tuesday after a report showed the U.S. cotton crop continued to lag behind last year's pace. October cotton gained 42 to 85.82, and December new crop gained 49 to 85.69.
Gold futures ended at their lowest point in nearly three weeks Tuesday amid concerns that the Federal Reserve would soon start reining in its supportive bond purchases. December gold fell $19.90 to $1,282.50, September silver closed at $19.52, down 19.7 cents
Oil futures declined Tuesday as equities retreated and the Obama administration said it would propose a cut to rules mandating the use of renewable fuels. September crude dropped $1.26 to $105.30 a barrel, September gasoline fell 3.55 cents to $2.91 a gallon, and September distillates fell 4.39 cents, to $3.00 a gallon.
Natural-gas futures settled near flat in thin trading Tuesday, following a three-session streak of declines, as cooler weather continued to weigh on expectations of demand for the fuel. September Natural gas dropped a fraction to $3.31
On Wall Street stocks sagged on Tuesday, pulling back further from recent records, and the dollar hit a six-week low against the yen as investors tried to gauge when the Federal Reserve will wind down its stimulus program. The Dow fell 93 to 15,518, the Nasdaq closed at 3,665, down 27, and the S&P 500 fell 9 to 1,697.