Market Recap: Hogs Slip on Lack of Demand
Lean hog futures were mostly lower as weakness in cash hog markets again suggested demand for pork has yet to rise seasonally. The February hogs contract, which expires today, rose modestly in response to higher wholesale pork prices on Friday, gaineing12 to 86.97, April hog futures fell 32 to 87.97.
U.S. live cattle futures recorded sharp gains on Monday due to a flurry of supportive signs for demand and strength in global stock and commodity markets. February Live Cattle rose 157 to $125, and March feeder cattle rose 110 to $154.
US wheat futures rallied on spillover support from corn and soy, along with help from outside macro markets. March wheat in Chicago ended up 11 1/4 to $6.41, March wheat in KC closed up 10 1/4 to $6.83.
US corn futures were dragged higher by a rally in the soybean market. March corn ended up 7 3/4c to $6.39
US soybean futures end at their highest point in nearly four months, as lower dollar sparked buying across commodities from crude oil to grains, soy product futures rallied with soybean futures. March soy ended up 23 to $12.52, March soy meal ended up $10.50 to $330.50, and March soy oil finished up 52 to 53.05.
ICE cotton futures' brief dip below 90c/lb last week likely spurred new purchases of US fiber, says independent cotton analyst Mike Stevens. March delivery gained 91 to 91.52, and May delivery ended 48 higher at 92.54.
Gold futures ticked lower on Monday as investors remained skeptical about the ability of the euro zone to stave off more financial turmoil even after Greece approved a set of budget-cutting measures. April gold fell 40 cents to $1,724.90 an ounce, and Mar silver closed at $33.72, up 11.8 cents
Crude futures settled higher Monday in a chaotic trading session as a failure of CME Group's Globex electronic oil-trading platform shut out scores of traders and forced all trading onto the New York Mercantile Exchange floor. Brokers on the Nymex floor rushed into the normally sleepy oil-futures pit in the final half-hour of trading to execute orders that couldn't be completed electronically. March crude gained $2.24 to $100.91 a barrel, March gasoline gained 3.76 cents to $3.01 a gallon, and March distillates fell 2.21 cents to $3.16 a gallon.
On Wall Street, stocks rose after Greece’s parliament voted for spending cuts so it can get a bailout to save the country from bankruptcy. The Dow gained 72 to close at 12,874, the Nasdaq closed at 2,931, up 27 and the S&P 500 gained 9 to close at 1,351.